Thursday's Market Recap - US Stock Begins The Third Quarter With A Solid Rally.
- Jun 30, 2021
- 2 min read
What is The Premarket Telling Us?
July 1, 2021 7:00 AM.
US Stock futures are mostly muted at this hour, on the first trading day of the new quarter. The Dow was up 14 points, Nasdaq futures down 43 points, and S&P slipped 1 point.
On The Bond Desk:
The US 10 Year Bond Yield has ticked higher at 1.48%, up 3.6 basis points.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures up $1.52, to $74.99/barrel.
On the Earnings Calendar:
Pharmacy retailer, Walgreen's delivered strong quarterly results before the bell this morning. The company beat earnings, and revenue expectations, and raised guidance for the rest of the year.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended flat. Japan (Nikkei 225) lost 0.29%, Shanghai down 0.07%, Hong Kong (Hang Seng) down 0.57%.
Major European markets closed with gains. German (DAX) up 0.47%, France CAC 40 up 0.71%, London FTSE 100 up 1.25%.
Market And Sector Dynamics
Markets got off to a modestly positive start, on the first trading day of the new quarter. The Dow added 59 points, Nasdaq gained 8 points, and the S&P gained 8 points. WTI crude was also off to a positive start at $75.77/barrel, up 3.13%. US 10 Year Bond Yield was also higher at 1.459%, up 1.5 basis points. After closing out a fantastic first half of the year yesterday, in fact, the best performance since 1998, market sentiment continues to be very positive.
he Dow traded in a modestly choppy session today, but remained comfortably in positive territory for the entire session, to close at the high of the day. The technology heavy Nasdaq struggled all day, and was down 65 points half an hour before midday. The Nasdaq turned around later in the afternoon to finish with a modest gain.
In today's rally, ten of the eleven S&P sectors ended the day with gains, led by Energy, Utilities, Healthcare, Communication Services, Financials, Industrials, Basic Materials, Consumer Discretionary, and Technology. Consumer Staples was the only sector, lower.
Factors Influencing Today's Market
Shares of Walgreens fell despite reporting better than expected quarterly earnings, and revenue, and strong guidance for the rest of the year.
Initial Jobless Claims came in at a less than expected 364,000 vs 395,000 estimated, and lower than the 411,000 in the prior week. Proof that the labor market is improving.
US 10 Year Bond Yield finished the day at 1.459%, down 0.58%.
WTI crude oil closed at $74.96/barrel, up 2.03%.
Market Close Volume Traded And Advance Decline Ratio
Markets recorded another day of modest gains. At the end of trading the Dow rose 131.02 points, Nasdaq gained 18.42 points, and the S&P added 22.44 points. Total NYSE volume traded, a modest 3.76 billion shares. Advancing shares outpaced Declining shares by 1.87:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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