Thursday's Market Recap - Stocks Rip While Presidential Election Ballots Are Being Counted.
What is The Premarket Telling Us?
7:00 AM.
US stock futures are up smartly at this hour. Dow futures are up 391 points, Nasdaq surged 325 points, and the S&P rose 64 points. The Federal Reserve/FOMC announces its decision at the end of its policy meeting today. No change in interest rate policy is expected.
On The Bond Desk:
The US 10 Year Bond Yield at 0.77%, down 0.11%.
Currency Desk:
Euro dollar: 1.17
UK Pound: 1.29
Crude Oil:
WTI crude oil futures at $38.90/barrel, down 0.64%.
On the Earnings Calendar:
Alibaba beats quarterly earnings estimates before the start of trading today.
A strong quarterly earnings performance before the opening bell.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets closed with solid gains overnight. Japan (Nikkei 225) up 1.73%, Shanghai up 1.30%, Hong Kong (Hang Seng) up 3.25%.
Major European markets also closed with nice gains. German (DAX) up 1.98%, France CAC 40 up 1.24%, London FTSE 100 up 0.39%.
Market And Sector Dynamics
Markets jumped off to another strong start this morning even as ballots to determine the winner of Tuesday's Presidential election are still being counted. The Dow gained 388 points, Nasdaq gained 219 points, and S&P gained 54 points. WTI crude oil started the day lower at $38.92 points, down 0.59%, while the US 10 Year Bond ticked lower at 0.770%.
A strong quarterly earnings report from General Motors (GM) before the bell this morning is adding positive sentiment to an already, risk-on market session.
At the high of the morning, the Dow climbed 650 points, shortly before 10:30 AM.and held on to these lofty levels for the entire trading session.
Ten of the eleven S&P sectors closed the day with strong gains, led by Basic Material, Technology, Financials, Industrials, Consumer Discretionary, Communication Services, Utilities, Consumer Staples, Real Estate, and Healthcare. Energy.
Factors Influencing Today's Market
The Federal Reserve (FOMC) left US interest rates at existing levels at the end of its policy meeting today.
Strong quarterly earnings performance from General Motors (GM) was positive for markets today.
Asian and European markets closed with strong gains.
This week's US Jobless Claims report shows 751K Americans filed new claims for unemployment benefits.
The US 10 Year Bond Yield closed at 0.763%, down 0.65%.
WTI crude oil closed at $38.44/barrel, down 1.81%.
Market Close Volume Traded And Advance Decline Ratio
Markets racked up another strong day of gains. The Dow soared 542.52 points, Nasdaq surged 300.15 points, S&P up 67.01 points. Total NYSE volume traded, a moderate 4.88 billion shares. Advancing shares outpaced Declining shares by 4.08 points.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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