Tuesday's Market Recap - Another Positive Day For The Bulls.
- cashtonsaunders
- Nov 2, 2021
- 2 min read
What is The Premarket Telling Us?
Tuesday November 2, 2021 7:30 AM.
US stock futures were mostly mixed in the premarket. Dow futures are up 9 points, Nasdaq futures down 28 points, and S&P futures down 0.25 point.
On The Bond Desk:
The US 10 Year Bond Yield at 1.556%.
Currency Desk:
Eurodollar: 1.116
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $83.66/barrel, down 0.46%.
On the Earnings Calendar:
Pfizer reported strong third quarter earning results, beating earnings and revenue estimates.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended lower today. Japan (Nikkei 225) fell 0.43%, Shanghai down 1.10%, Hong Kong (Hang Seng) down 0.22.%
Major European markets closed mixed. German (DAX) up 0.94%, France CAC 40 up 0.49%, London FTSE 100 down 0.19%.
Market And Sector Dynamics
Stocks opened flat at the start of trading today. The Dow was up 11 points, Nasdaq gained 15 points, and S&P added 6 points. WTI crude oil opened down 0.75%, at $83.42/barrel, and the US 10 Year Bond hovered around the 1.559% level.
As third quarter earning season has continued an increasing number of companies have been mentioning supply chain shortages, hampering their production and performance. Investors learned today that Apple slashed September iPad output, to channel more components to the iPhone, due to supply chain shortages.
Shares of drug giant, Pfizer soared more than 4% in trading today, after the company reported strong third quarter earnings results, due in part to sales of its Covid-19 vaccines.
Shared traded in positive territory for most of today's session, and closed near the high of the day.
Trading today was most positive with nine of the eleven S&P sectors closing the session with gains, led by Basic Materials, Real Estate, Technology, Healthcare, Consumer Staples, Consumer Services, Industrials, Financials, and Utilities. Energy, and Consumer Discretionary ended lower in the session.
Factors Influencing Today's Market
Asian markets ended lower in their session today, and European market ended mixed.
Pfizer reported strong third quarter earnings before the opening bell this morning.
US 10 Year Bond Yield closed at 1.554%, down 0.54%.
WTI crude oil ended the day at $82.88/barrel, down 1.39%.
Market Close Volume Traded And Advance Decline Ratio
At the end of trading markets were higher, with the Dow gained 138.69 points, Nasdaq gained 53.68 points, and the S&P gained 16.98 points. Total NYSE volume traded, a light 3.99 billion shares. Declining shares outpaced Advancing shares by 1.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
Comments