Tuesday's Market Recap - US Stocks Gained Ground Again As Investors Bet On Third Quarter Earnings.
- cashtonsaunders
- Oct 19, 2021
- 2 min read
What is The Premarket Telling Us?
October 19, 2021 at 8:30 AM.
A quick glance at the premarket shows US stock futures traded higher early. Dow futures were up 132 points, Nasdaq futures up 47 points, and S&P futures up 18 points. Asian markets ended their sessions higher.
On The Bond Desk:
The US 10 Year Bond Yield at 1.606%, up 0.022%.
Currency Desk:
Eurodollar: 1.16
UK Pound: 1.38
Crude Oil:
WTI crude oil futures at $83.07/barrel, up 0.76%.
On the Earnings Calendar:
Netflix and United Airlines will report earnings after the close of trading today.
In M&A News:
None to report
What About The Asian And European Markets?
Major Asian markets closed with gains. Japan (Nikkei 225) gained 0.65%, Shanghai gained 0.70%, Hong Kong (Hang Seng) 1.49%
Major European markets ended mixed. German (DAX) up 0.27%, France CAC 40 down 0.05%, London FTSE 100 gained 0.19%.
Market And Sector Dynamics
The markets opened moderately higher, with the Dow up 98 points, Nasdaq up 43 points, and the S&P up 15 points. WTI crude oil opened at $82.21/barrel, down 0.28%, and the US 10 Year Bond ticked up to 1.612%.
Stock moved higher after the open and remained elevated for the entire session, even as the yield curve steepened, and crude oil remains at elevated levels. Shares of Apple, and other big technology, and communications services stocks outperformed, along with financials. Investors are betting that the rest of third quarter earnings will be better than expected, based on the stellar performance of the banks last week.
Market tone and conviction was very positive today, with ten of the eleven S&P sectors ending the day with gains, led by Healthcare, Utilities, Energy, Financials, Technology, Communication Services, Industrials, Basic Materials, Real Estate, and Consumer Staples. Consumer Discretionary was the only sector that was down in the session.
Factors Influencing Today's Market
Stocks remained comfortable elevated for the entire session.
Shares of Apple gained ground in today's trading.
A bitcoin futures ETF started trading for the first time today. The price of Bitcoin moved higher on that news.
US 10 Year Bond Yield steepened today to 1.641%, up 3.10%.
WTI crude oil closed mildly lower at $82.36/barrel, down 0.10%
Market Close Volume Traded And Advance Decline Ratio
At the end of trading the major indexed closed moderately higher. The Dow gained 198.70 points, Nasdaq gained 107.28 points, and the S&P gained 33.17 points. Total NYSE volume traded, a light 3.49 billion shares. Advancing shares outpaced Declining shares by1.33:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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