Wednesday's Market Recap - Dow Reverse Early Loss To Finish Modestly Higher.
What is The Premarket Telling Us?
7:00 AM.
Futures are modestly lower this morning. Dow futures down 108 points, Nasdaq futures down 24 points, and S&P futures down 5 points. Asian markets were flat to mildly lower overnight.
On The Bond Desk:
The US 10 Year Bond Yield at 0.93%, up 0.09%.
Currency Desk:
Eurodollar: 1.20
UK Pound: 1.34
Crude Oil:
WTI crude oil futures at $44.29/barrel, down 0.58%.
On the Earnings Calendar:
Salesforce,com reports after the bell Tuesday evening. The company beat earnings and revenue estimates, and confirmed it has signed a deal to buy Slack (WORK) for just over $27 billion dollars, in a cash and stock deal.
In M&A News:
Salesforce.com buying Slack.
What About The Asian And European Markets?
Major Asian markets mostly lower. Japan (Nikkei 225) up 0.05%, Shanghai down 0.07%, Hong Kong (Hang Seng) down 0.1%
Major European markets closed mixed. German (DAX) down 0.52%, France CAC 40 up 0.02%, London FTSE 100 up 1.23%.
Market And Sector Dynamics
Markets opened sharply lower. The Dow fell 172 points, Nasdaq fell 68 points, and the S&P fell 10 points. WTI crude oil is slightly higher at $44.64/barrel, up 0.20%, and the US 10 Year Bond at 0.934%.
Stocks rebounded off the opening lows and hovered just below positive territory shortly before noon for most of the remaining session until around 2:00 PM. Stock gaped higher a short while later, to end with a modest gains.
Six of eleven S&P sectors ended higher in today's rally. Energy, Communication Services, Financials, Healthcare, and Utilities ended with moderate gains. Basic Materials, Real Estate, Consumer Staples, and Consumer Discretionary ended moderately lower.
Factors Influencing Today's Market
With the US Congress back in Washington after the Thanksgiving Holiday talk of a fiscal stimulus has resumed.
Salesforce is acquiring Slack in a $27 billion cash and stock deal.
Asian and European markets were mostly lower in their sessions.
US 10 Year Bond Yield ended the day at 0.938%, up 0.89%.
WTI crude oil closed the day at $45.28/barrel, up 1.64%.
Market Close Volume Traded And Advance Decline Ratio
After a weak start stock turned around intraday to finish the session mixed. The Dow gained 59.87 points, Nasdaq fell 5.74 points, and the S&P gained 6.56 points. Total NYSE volume traded, a moderate 5.07 billion shares. Advancing shares outpaced Declining shares by 1.49:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance. Wall Street Journal - Market Diary.
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