Thursday's Market Recap - Stocks Staged A Solid Rally As Initial Jobless Claims Continues To Fall.
- May 19, 2021
- 2 min read
What is The Premarket Telling Us?
May 20, 2021 8:00 AM.
US stock futures are mixed at this hour. Dow futures are down 110 points, Nasdaq futures up a fraction, and S&P futures down 6 points. Asian markets ended mixed overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.683%, up .041%.
Currency Desk:
Eurodollar:1.22
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $62.63/barrel, down 1.14%.
On the Earnings Calendar:
None to report
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets. Japan (Nikkei 225) rose 0.19%, Shanghai down 0.11%, Hong Kong (Hang Seng) down 0.50%.
Major European markets closed higher. German (DAX) gained 1.70%, France CAC 40 gained 1.29%, London FTSE 100 gained 1.00%.
Market And Sector Dynamics
Stocks opened the trading day trending higher. Half an hour after the opening the Dow up 68 points, Nasdaq gained 160 points, and the S&P gained 25 points.
Markets are partly buoyed by today release of initial jobless claims showing American filed 444,000 new claim for unemployment, versus the 450,000 expected. The lowest read in the post-pandemic era.
Market traded consistently in positive territory for the entire session, as investors decided that the recent sell off may have been overdone. At least for today investors put inflation and rising inflation fears on the back burner.
The bulls enjoyed a nice broad-based rally today, with ten of the eleven sectors ending in positive territory, led by Technology, Communication Services, Real Estate, Healthcare, Consumer Discretionary, Consumer Staples, Utilities, Industrials, Financials, and Basic Materials. Energy was modestly lower.
Factors Influencing Today's Market
US 10 Year Bond Yield closed today at 1.628%, down 2.85%, and has been hovering a this level for the last few weeks.
WTI Crude oil closed today at $62.12/barrel, down 1.96%.
This week's initial jobless claims report showed 444,000 new claims for unemployment benefits, which was lower than the 450,000 expected.
Market Close Volume Traded And Advance Decline Ratio
Markets ended higher in today's session. The Dow gained 188.11 points, Nasdaq gained 236 points, and the S&P gained 43.44 points. Total NYSE volume traded, a light 3.89 billion shares. Advancing shares outpaced Declining shares slightly better than 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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