Thursday's Market Recap - Stocks Rallied On Rising Energy, Technology, And Strong US Economic Data.
- Mar 31, 2021
- 2 min read
What is The Premarket Telling Us?
8:00 AM.
US stock futures are higher at this hour. Dow futures up 19 points, Nasdaq futures up 122 points, and S&P futures up 12 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.718%, down 2.8 basis points.
Currency Desk:
Eurodollar: 1.174
UK Pound: 1.37
Crude Oil:
WTI crude oil futures at $59.39/barrel, up 0.23.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended with gains. Japan (Nikkei 225) up 1.58%, Shanghai up 0.52%, Hong Kong (Hang Seng) up 1.97%.
Major European markets were also higher. German (DAX) up 0.66%, France CAC 40 up0.59%, London FTSE 100 up 0.35%.
Market And Sector Dynamics
Stocks opened solidly higher with the Dow up 104 points, Nasdaq gained 160 points, and the S&P rose 25 points. WTI crude oil got off to a higher start at $60.75/barrel, up 2.67%, while the US 10 Year held at 1.695%.
Stocks slid lower after the open, with the Dow up a mere 10 points, half an hour after the opening bell, but shortly reversed direction climbing higher during the rest of the session, and into the close of trading.
This week's Initial Jobless Claims came in at 719K new claims for unemployment benefits, and, slightly more than the 680K estimated.
In today's rally, eight of the eleven S&P sectors ended the session with gains, led by Energy, Technology, Communication Services, Real Estate, Financials, Consumer Discretionary, Basic Materials, and Industrials.
Consumer Staples, Healthcare, and Utilities ended modestly lower.
Factors Influencing Today's Market
Energy and high technology stocks rallied in today's session
This week's Initial Jobless claims report showed 719K new Americans filed for new employment benefits.
The final read on March Purchasing Manager's Index (PMI) came in at 59.1 vs 59.0 earlier read.
US 10 Year Bond closed today at 1.673%, down 4.04%
WTI crude oil closed today at $61.45/barrel, up 3.87%.
This week's Baker Hughes US Oil rig count was up 13 rigs to 337 total.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended the trading day higher today. The Dow gained 171.66 points, Nasdaq gained 233.23 points, and the S&P gained 46.98 points. Total NYSE volume traded, a moderate 4.15 billion shares. Advancing shares outpaced Declining shares by 4:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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