Wednesday's Market Recap - Let's Call This The Biden Harris Inauguration Rally
- Jan 20, 2021
- 2 min read
What is The Premarket Telling Us?
7:15 AM.
Stock futures are moderately higher at this hour. Dow futures up 43 points, Nasdaq futures up 109 points, and S&P futures up 14 points. It's Inauguration Day. Joseph Biden and Kamala Harris, officially become President and Vice President at noon today.
On The Bond Desk:
The US 10 Year Bond Yield at 1.09%, down 0.01%.
Currency Desk:
Eurodollar: 1.21
UK Pound: 1.36
Crude Oil:
WTI crude oil futures at $53.65/barrel, up 1.26%.
On the Earnings Calendar:
Netflix reported stellar net subscriber numbers after the bell yesterday. Shares of Netflix soared today.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets ended mostly higher. Japan (Nikkei 225) down 0.38%, Shanghai up 0.47%, Hong Kong (Hang Seng) up 1.08%
Major European markets closed with gains. German (DAX) up 0.77%, France CAC 40 up 0.53%, London FTSE 100 up 0.41%
Market And Sector Dynamics
Stocks opened the trading session sharply higher. The Dow gained 112 points, Nasdaq rose 142 points, and the S&P rose 23 points. WTI crude oil got off to a good start at $53.64/barrel, up 1.25%, while the US 10 Year Bond at 1.101%.
Markets were in a risk-on mood today, largely driven by the possibility of a 1.9 billion Biden stimulus plan, to correct the ongoing Covid pandemic, and vaccines problems and to help individuals and States to recover from economic devastation.
In today's rally, ten of the eleven S&P sectors closed the session with gains, led by Communication Services, Consumer Discretionary, Technology, Real Estate, Industrials, Utilities, Healthcare, Energy, Basic Materials, and Consumer Staples. Financials ended the session lower.
Factors Influencing Today's Market
Markets struck a positive tone today a nice welcome to President Biden and Vice President Kamala Harris.
Both Asian and European markets were mostly higher in their sessions.
US 10 Year Bond Yield ended the day at 1.087%, up 0.46%.
WTI crude oil closed today at $52.96/barrel, down 0.04%.
Market Close Volume Traded And Advance Decline Ratio
Markets surged on this Biden inauguration day as if to cheer on the new administration. The Dow soared 257.86 points, Nasdaq gained 260.07 points, S&P gained 52.94 points. Advancing shares outpaced Declining shares by 2:1.
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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