Wednesday's Market Recap - A Mixed Trading Session As The Nasdaq Comes Roaring Back.
What is The Premarket Telling Us?
8:00 AM.
Market bulls will definitely like US stock futures this morning. Dow futures are up 220 points, Nasdaq futures up 132 points, and S&P futures up 30 points. It's Veteran's Day, a federal holiday, so while the stock market is open, the bond markets are closed, as are banks and the post office.
On The Bond Desk:
The US 10 Year Bond Yield at 0.97%, up 0.02%.
Currency Desk:
Eurodollar: 1.18
UK Pound:1.32
Crude Oil:
WTI crude oil futures at $42.38/barrel, up 2.47%.
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets closed mixed. Japan (Nikkei 225) up 1.78%, Shanghai down 0.53%, Hong Kong (Hang Seng) fell 0.28%.
Major European markets ended their sessions higher. German (DAX) gained 0.40%, France CAC 40 gained 0.048%, London FTSE 100 gained 1.35%.
Market And Sector Dynamics
Stocks opened the session moderately higher, with the Dow gaining 88 points, Nasdaq gained 119, and the S&P gained 19 points. WTI crude oil was also up sharply at $42.64/barrel, up 3.07%, and the US 10 Year Bond Yield at 0.960%. Energy and technology are leading markets higher, early in the session.
In today's session market bias was mostly to the downside, as most of the stocks that drove the last three days of gains gave back some of those gains, as shares of technology, communication services, and consumer discretionary took the lead.
Midway through the morning session stock turned positive and remained at that level until two hours before the close, when the markets sold off, Dow down 125 points, just before 3:00 PM., the low of the day. Markets did recover most of the losses shortly before the close of trading.
Trading was mostly balanced, with six of the eleven S&P sectors ending with moderate gains, led by Technology, Consumer Discretionary, Consumer Staples, Real Estate, Communication Services, and Utilities. Basic Materials, Industrials, Energy, Financials, and Healthcare were lower in the session.
Factors Influencing Today's Market
The Bond Market and Banks are closed for Veteran's Day Federal Holiday.
High growth technology stocks reasserted their dominance in the markets today.
Covid-19 infections in the US continues to be a background worry for investors, fearing another full-scale lockdown could be imminent.
President Trump has still not acknowledged that he has lost the Nov. 3rd., elections, and seems intent on blocking the transition process to the new administration. The market is taking a wait and see attitude.
US 10 Year Bond Yield closed at 0.893%, up 1.81%.
WTI crude oil closed at $41.45/barrel, up 0.22%.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's trading markets were mixed. The Dow was mildly lower at 23.29 points, Nasdaq gained 232.58 points, and the S&P gained 27.13 points. Total NYSE volume traded, a moderate 4.65 billion shares. Advancing and Declining shares were even.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
Comments