Wednesday's Market Recap - Astrazeneca Oxford University Covid Vaccine Approved In UK. Stocks Rally.
What is The Premarket Telling Us?
7:30 AM.
US stock futures are moderately higher at this hour, on the second to last trading day of 2020. Dow futures are up 83 points, Nasdaq futures up 42 points, and S&P futures up 12 points. Asian markets closed mixed overnight. Vaccine optimism will definitely a positive catalyst for markets today, as the Astrazeneca University of Oxford Covid-19 vaccine was approved by British regulators today, making it the third approve Covid-19 vaccine so far this year.
On The Bond Desk:
The US 10 Year Bond Yield at 0.93%, unchanged.
Currency Desk:
Eurodollar: 1.22
UK Pound: 1.35
Crude Oil:
WTI crude oil futures at $48.44/barrel, up 0.92%.
On the Earnings Calendar:
None to report.
In M&A News:
None to report.
What About The Asian And European Markets?
Major Asian markets were mixed. Japan (Nikkei 225) down 0.45%, Shanghai up 1.05%, Hong Kong (Hang Seng) up 2.18%.
Major European markets ended lower. German (DAX) down 0.31%, France CAC 40 down 0.22%, London FTSE 100 down 0.71%.
Market And Sector Dynamics
Markets opened moderately higher, with the Dow up 91 points, Nasdaq up 58 points, and the S&P up 11 points. WTI crude oil was modestly lower at $47.76/barrel, down 0.56%, while the US 10 Year Bond held at 0.938%. Investors are cheering the approval of the AstraZeneca Oxford University Covid-19 vaccine in the UK today.
Stocks climbed steadily higher during the morning session, the Dow, making an intraday high, up 190 points, around 11:30 AM. Market momentum waned during the final two hours of trading, but the Dow was able to hold on to close at another record high.
The rally fairly positive with seven of the eleven S&P sectors closing with gains, led by Energy, Basic Materials, Industrials, Utilities, Financials, Real Estate, Real Estate, and Consumer Discretionary. Communication Services, Consumer Staples, and Technology finished lower in the session.
Factors Influencing Today's Market
Vaccine optimism and new hope bolstered markets today as the Astrazeneca Oxford University Covid-19 vaccine was approved by UK regulators.
Asian markets ended mostly positive overnight.
The US 10 Year Bond has ticked higher during the last few days, but closed today at 0.926%, down 1.42%.
WTI crude oil closed today at $48.32/barrel, up 0.67%.
December Chicago PMI was stronger than estimated at 59.5 vs 57.0. estimated.
This week's EIA Petroleum Status Report showed US crude oil inventory fell 6.1 million barrels, vs -0.60 million barrels last week.
This week's Baker Hughes Oil Rig count rose to 267 total.
Market Close Volume Traded And Advance Decline Ratio
When trading ended today, the Dow hit made a new record high. It was up 73.89 points, Nasdaq gained 19.78 points, and the S&P gained 5 points. Total NYSE volume traded, a light 3.16 billion shares. Advancing shares outpaced Declining shares 2.19:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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