Tuesday's Market Recap - Stocks Rally On Strong Retail Sales, & Better Than Expected Earnings.
- cashtonsaunders
- Nov 16, 2021
- 2 min read
What is The Premarket Telling Us?
Stock futures trended slightly higher early in the premarket. Dow futures was up 76 points, Nasdaq futures up 10 points, and S&P futures was up 4 points.
On The Bond Desk:
The US 10 Year Bond Yield at 1.623%, up 0.041
Currency Desk:
Eurodollar: 1.13
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $81.26/barrel, up 0.47%.
On the Earnings Calendar:
Retailers Walmart, and Home Depot reported better than expected third quarter earnings results.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 0.11%, Shanghai down 0.33%, Hong Kong (Hang Seng) up 1.27%.
Major European markets also ended mixed. German (DAX) up 0.61%, France CAC 40 up 0.34%, London FTSE 100 down 0.34%.
Market And Sector Dynamics
Markets opened modestly mixed, and looking for direction. The Dow gained 62 points, Nasdaq lost 24 points, and S&P was up a fraction, 0.17 point. WTI crude oil got off to a mildly lower start at $80.76/barrel, down 0.26%. The US10 Year Bond ticked higher at 1.627%, up 0.6 basis points.
Stocks traded comfortably higher for the entire trading session, with the Dow up 228 points at the high of the day.
US retail sales data came in better than expected, rising 1.7% for October over September, an indication that consumer spending going into the holiday season was quite healthy. Strong third quarter earnings results for Home Depot, and Walmart provided positive sentiment for markets today.
Shares of Electric Vehicle (EV) companies Tesla, and the more recent start up companies, Rivian Automotive, and Lucid soared again in today's session.
Despite the positive session close, seven of the eleven S&P sectors ended the day with losses, led by Real Estate, Consumer Staples, Utilities, Communication Services, Basic Materials, Financials, and Industrials. Consumer Discretionary, Technology, Healthcare, and Energy ended the session higher.
Factors Influencing Today's Market
Better than expected third quarter earnings from Walmart, and Home Depot.
Asian and European markets were mixed in today's trading.
US 10 Year Bond Yield ended the day at 1.639%, up 1.28%.
WTI crude oil closed at $79.56/barrel, down 1.63%.
October Retail Sales rose 1.7% vs 0.8% (revised) for September.
Market Close Volume Traded And Advance Decline Ratio
US markets closed higher today, with the Dow gaining 54.77 points, the Nasdaq gained 120.01 points, and the S&P rose 18.10 points. Total NYSE volume traded, a light 3.93 billion shares. Declining shares outpaced Advancing shares by 1.21:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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