Thursday's Market Recap - The Major Indexes Rallied Today Shaking Off Inflation And Omicron Fears.
- cashtonsaunders
- Dec 3, 2021
- 2 min read
What is The Premarket Telling Us?
Thursday, December 2, 2021, 7:00 AM.
Moderately positive describes the state of US stock futures this morning. Dow futures were up 306 points, Nasdaq futures 41 points, and S&P futures down 29 points. Asian markets ended mixed.
On The Bond Desk:
The US 10 Year Bond Yield at 1.434%, down 0.001%.
Currency Desk:
Eurodollar: 1.13
UK Pound: 1.33
Crude Oil:
WTI crude oil futures at $$66.39/barrel, up 1.25%.
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 mixed Japan (Nikkei 225) down 0.65%, Shanghai down 0.09%, Hong Kong (Hang Seng) up 0.55%.
Major European markets closed lower. German (DAX) down 1.35%, France CAC 40 down 1.25%, London FTSE 100 down 0.55%.
Market And Sector Dynamics
Markets opened solidly higher, with the Dow up 173 points, Nasdaq fell 36 points, and S&P added 4 points. WTI crude oil got off to a lower start at $64.17/barrel, down 2.14%, and the US 10 Year Bond hovered at 1.429%, down 2.2 basis points.
Stocks rose steadily after the open and remained positive for the entire session. Unlike yesterday, markets brushed off the news of the second case of the Omicron variant, this time in the state of Minnesota. The markets also chose to ignore the threat of inflation which has been partly responsible for the recent volatility.
All eleven S&P sectors ended today with gains, led by Industrials, Energy, Financials, Real Estate, Basic Materials, Communication Services, Utilities, Consumer Discretionary, Technology, Consumer Staples, and Healthcare.
Factors Influencing Today's Market
The second case of the Omicron variant was discovered today in the state of Minnesota.
US 10 Year Bond Yield ended today at 1.431% up 1.93%.
WTI crude oil price ended the day at $67.38/barrel, up 2.76%.
Asian and European markets were mostly lower today.
Last week's Initial Jobless Claims report shows 222,000 new claims for unemployment benefits, compared to the 245,000 estimated
Market Close Volume Traded And Advance Decline Ratio
At the end of trading today, the major indexes were all higher. The Dow soared 617.75 points, Nasdaq jumped 127.27 points, and S&P gained 64.06 points. Total NYSE volume traded, a moderate 5.08 billion shares. Advancing shares outpaced Declining shares by 2.90:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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