Thursday's Market Recap - Stocks Rally For A Fourth Consecutive Day.
- Feb 4, 2021
- 2 min read
What is The Premarket Telling Us?
7:00 AM.
US stock futures are mostly flat at this hour. The Dow down 18 points, Nasdaq gained 48 points, and the S&P futures gained 1 point. Asian markets traded lower while we slept.
On The Bond Desk:
The US 10 Year Bond Yield at 1.13%, up 0.03%.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $56.14/barrel, up 0.81%.
On the Earnings Calendar:
Ebay and Paypal reported strong quarterly earnings after the closing bell yesterday. Shares of each company rallied in trading today.
In M&A News:
Corelogic is being acquired by Stone Point Capital, and Insight Partners, for $6 billion.
What About The Asian And European Markets?
Major Asian markets ended in the red. Japan (Nikkei 225) fell 1.06%, Shanghai lost 0.44%, Hong Kong (Hang Seng) down 0.66%.
Major European markets were mixed. German (DAX) gained 0.91%, France CAC 40 up 0.82%, London FTSE 100 down 0.06%.
Market And Sector Dynamics
Markets opened with moderate gains to kick off the trading day. The Dow gained 112 points, Nasdaq gained 55 points, and the S&P rose 13 points. WTI crude oil was off to a positive start at $56.02/barrel, up 0.57%, and the US 10 Year Bond hovered at 1.150%.
Markets may have now turned its attention to Washington, as President Biden's $1.9 billion stimulus appears to be on track, as the House and the Senate have taken steps to move forward with the Budget Reconciliation approach to getting the bill passed, perhaps only with Democratic votes
This week's Initial Jobless Claims report, out this morning, shows 779,000 new claims for unemployment benefits, and less than the 835,000 estimated. The markets view this as positive.
Stocks climbed sharply higher shortly after the opening bell, and remained at those elevated levels for the entire session, even gaping a bit higher into the close of trading.
Today's rally saw nine of the eleven S&P sectors ended the session with gains, led by Financial, Technology, Industrials, Energy, Consumer Discretionary, Consumer Staples, Utilities, Communication Services, and Real Estate. Basic Materials ended the session lower.
Factors Influencing Today's Market
This week's Initial Jobless Claims report shows 779K new claims for unemployment benefits.
Asian markets ended their session with losses.
US 10 Year Bond Yield 1.136%, down 0.29%.
WTI crude oil close today at $56.53/barrel, up 1.51%
Market Close Volume Traded And Advance Decline Ratio
Stocks climbed higher for the fourth straight day. The Dow soared 332.26 points, Nasdaq gained 167.20 points, and the S&P gained 41.57 points. Total NYSE volume traded, a modest 4.93 billion shares. Advancing shares outpaced Declining shares by 2.68:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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