Tuesday's Market Recap - The Major US Indexes Soared In Today's Trading.
- cashtonsaunders
- May 17, 2022
- 2 min read
What is The Premarket Telling Us?
Tuesday, May 17, 2022 7:20 AM.
US stock futures were decidedly higher early in the premarket. Dow futures were up 420 points, Nasdaq futures up 252 points, and S&P futures up 67 points. Asian markets traded higher overnight. Overnight, major Asian markets ended their session with gains.
On The Bond Desk:
The US 10 Year Bond Yield at 2.877%, up 0.058%.
Currency Desk:
Eurodollar: 1.05
UK Pound: 1.24
Crude Oil:
WTI crude oil futures were at $115.04/barrel, down 0.74%.
On the Earnings Calendar:
Walmart and Home Depot reported before the bell this morning. Both saw slower digital growth in the first quarter (Q1).
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets ended positively. Japan (Nikkei 225) up 0.42%, Shanghai up 0.65%, and Hong Kong (Hang Seng) up 3.27%.
Major European markets closed higher. German (DAX) gained 1.59%, France CAC 40 up 1.30%, London FTSE 100 up 0.72%.
Market And Sector Dynamics
Stocks opened today's trading day markedly higher. The Dow gained 450 points, Nasdaq gained 241 points, and the S&P rose 63 points. WTI crude oil was mildly lower at $114.18/barrel, down 0.02%, and the US 10 Year Bond Yield ticked higher at 8.7 basis points to 2.964%.
Home Depot and Walmart reported quarterly earnings before the opening bell this morning with both companies showing slower growth in the first quarter. Shares of both companies traded lower today, exerting downward pressure on the Dow, but not enough to deter the bulls in today's session.
Markets remained solidly elevated throughout the session buoyed by an upgrade of chipmaker, Advanced Micro Systems (AMD), and report of an SEC filing which showed Warren Buffett, Berkshire Hathaway sold shares of Verizon and Wells Fargo and bought positions in CitiBank, and Paramount (Viacom).
The bulls enjoyed a strong session today. Ten of the eleven S&P sectors ended higher, led by Technology, Basic Materials, Financials, Consumer Discretionary, Industrials, Communication Services, Healthcare, Energy, Real Estate, and Utilities. Consumer Staples ended the session with losses.
Factors Influencing Today's Market
Walmart and Home Depot reported disappointing quarterly earnings before the bell this morning sending shares of both companies lower.
Asian and European markets traded higher in today's session.
US 10 Year Bond ticked higher in the session, and closed at 2.995%, up 3.75%.
WTI crude oil price ended today at $110.68/barrel, down 3.08%.
Market Close Volume Traded And Advance Decline Ratio
US stocks pushed higher in trading today. At the close, the Dow was up 431.17 points, Nasdaq gained 321.73 points, and S&P gained 80.84 points. Total NYSE volume traded was a light 4.87 billion shares. Advancing shares outpaced Declining shares nearly 3:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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