Tuesday's Market Recap - High Flying Technology Stock Regained Their Luster In Today's Session.
- Mar 9, 2021
- 2 min read
What is The Premarket Telling Us?
7:30 AM.
US stock futures are sharply higher at this hour, suggesting that markets are set up for a strong open. Dow futures are up 124 points, Nasdaq futures up 261 points, and S&P futures up 35 points. Asian market ended mixed, overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 1.60%, up 0.05%.
Currency Desk:
Eurodollar: 1.18
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $65.52/barrel, up 0.72%.
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 in their session today. Japan (Nikkei 225) up 0.99%, Shanghai down 1.83%, Hong Kong (Hang Seng) up 0.81%.
Major European markets ended their day higher. German (DAX) up 0.40%, France CAC 40 up 0.37%, London FTSE 100 up 0.17%.
Market And Sector Dynamics
Markets got off to a strong positive start at the open, appearing determined to regain yesterday's losses. The Dow gained 200 points, Nasdaq gained 300 points, and the S&P gained 40 points. The US 10 Year Bond pulled back closed to the 1.54 level after hitting the one-year high of 1.61% yesterday.
The three major indexes continued to climb after the open, with the Dow up 340 points, around 12:30 PM, Nasdaq up 480 points, and the S&P up 80 points. Investor seems eager to celebrate the slight pullback in the 10 Year Bond Yield, and David Tepper's comments yesterday, that bond yields may have run their course for now. Also adding positive sentiment to the markets is that the House of Representatives will vote to finalize the $1.9 Billion Rescue stimulus bill tomorrow, and ready for the President's signature. This bill will send $1400 to millions of individuals earning $75,000/ or less, or a couple earning $150,000/year.
In today's rebound rally, seven of the eleven S&P sectors closed with gains, led by Consumer Discretionary, Technology, Utilities, Real Estate, Communication Services, Basic Materials, and Healthcare. Energy, Financials, and Industrials ended with losses.
Factors Influencing Today's Market
The US 10 Year Bond eased a bit today allowing high growth stocks to soar. The Bond closed today at 1.528%, down 4.67%.
The $1.9 Billion Biden Covid Rescue Plan will be voted on in the House tomorrow, before being sent for the President's signature.
Asian markets ended mixed, while European markets ended with modest with solid gains.
WTI crude oil closed today at $63.88/barrel, down 1.80%.
Market Close Volume Traded And Advance Decline Ratio
When trading ended at 4:00 PM, the markets were solidly higher. The Dow gained 30.30 points, Nasdaq soared 464.66 points, and the S&P gained 54.09 points. Total NYSE volume traded, a moderate 5.11 billion shares. Advancing shares outpaced Declining shares by 1.55:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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