Tuesday's Market Recap - Stocks Closed Modestly Higher After A Sharp Morning Rally.
- Jun 1, 2021
- 2 min read
What is The Premarket Telling Us?
June 1, 2021 7:30 AM.
US stock futures are flashing green this morning, to begin the new shortened trading week, after yesterday's Memorial Day holiday. Dow futures are up 238 points, Nasdaq up 62 points, and the S&P up 24 points. Asian markets ended mixed in their session.
On The Bond Desk:
The US 10 Year Bond Yield at 1.616%, up 2.3 basis points.
Currency Desk:
Eurodollar: 121
UK Pound: 1.41
Crude Oil:
WTI crude oil futures at $68.14/barrel, up 2.74%.
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 0.16%, Shanghai up 0.26%, Hong Kong (Hang Seng) up 1.08%.
Major European markets ended higher. German (DAX) gained 0.95%, France CAC 40 gained 0.66%, London FTSE 100 gained 0.82%.
Market And Sector Dynamics
Markets opened sharply higher to begin the shortened trading week. The Dow soared 312 points, Nasdaq jumped 74 points, and the S&P rose 29 points. WTI crude oil also started higher at $68.49/barrel, up 3.27%, and the US 10 Year at 1.622%, up 2.9 basis points. Investors were cheering the millions of Americans who travelled by planes and and other means to vacation destinations, or to visit family during Memorial Day weekend.
Markets pulled back as quickly as they rose early in the session, and steadily declines during the course of the session, to finish just off the low of the day. Crude oil provided positive markets sentiment as OPEC producer agreed to gently increase production levels, at their virtual meeting today. The market's fear of runaway interest rates, and inflation has subsided, as evidenced by the 10 Year Bond being mostly subdued.
Today's trading session was mostly balanced, with six of the eleven S&P sectors ending the day with moderate gains, led by Energy, Real Estate, Basic Materials, Financials, Industrials, and Communication Services. Healthcare, Utilities, Technology, Consumer Staples, and Consumer Discretionary ended lower.
Factors Influencing Today's Market
Shares of Boeing and Goldman Sachs outperformed in the session, both up 3% respectively.
Asian markets ended their session mixed, and European stocks ended with solid gains.
US 10 Year Bond Yield closed the day at 1.606%, down 0.21%.
WTI crude oil prices closed at $67.86/barrel, up 1.34%.
Market Close Volume Traded And Advance Decline Ratio
Stocks ended today's trading session mixed, with the Dow up 45.86 points, Nasdaq fell 12.26 points, and and the S&P fell 2.07 points. Total NYSE volume traded, a heavy 5.07 billion shares. Advancing shares outpaced Declining shares by 2.58:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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