US futures are up this morning as of 8:15 am ET as stimulus talks continue. Most of Europe is also in the green as corporate earnings come in. Asia saw the NIKKEI close down overnight, while the Hang Seng and CSI made slight gains. Oil is up this morning and so is gold.
With continued stimulus talks, US markets are moving higher this morning, led by companies like American Airlines and Carnival Cruise Line, which are both up over 2%. This is coming off of yesterday’s session that saw all 11 sectors of the S&P 500 close down. The market has been fallen in four of the past five sessions for the Dow and S&P, and five straight sessions for the NASDAQ.
One market in Europe that is negative today is Spain, amid talks of a new curfew being enacted due to rising cases of Covid-19.
Intel is trading up this morning as the chipmaker has sold off its NAND memory and storage business to South Korean chipmaker SK Hynix.
Earnings reports in Europe are helping to drive markets overseas. UBS reported $2.1 billion in quarterly net income, which was up 99% over the same period last year. Computer equipment maker Logitech is up over 20% after it reported a 75% jump in sales last quarter. They are citing the work from home push as a big driver in sales.
Overall market volume traded at its recent average yesterday and SPY followed suit, as the ETF traded 68 million shares. QQQ saw only 36 million shares traded. XLF (Financials) was the second-most traded ETF in terms of volume yesterday, at 42.9 million shares.
ETFs investing in Asia were active yesterday, as CHAD (Direxion Daily CSI 300 China A Share Bear 1X), CHIK (Global X MSCI China Information Technology), ASHR (Xtrackers Harvest CSI 300 China A-Shares) and EWH (Hong Kong) all traded above average.
Other international ETFs that were active were: BBEU (JPMorgan BetaBuilders Europe), FNDE (Schwab Emerging Markets) and IEUR (iShares Core MSCI Europe).
The domestic pad saw activity in the Russell index-based ETFs IWO (sellers) and IWD (buyers). Also active were Vanguard Real Estate (VNQ) and iShares MSCI Quality Factor (QUAL).
Clean energy has been one of the most active areas and the volume continued yesterday as Invesco’s Solar ETF TAN and iShares ICLN traded heavily. Other funds active were the Homebuilders ITB and XHB, and Agriculture fund DBA.
We mentioned above that all 11 sectors of the S&P were down yesterday. XLF, XLU, XLV and XLC saw sellers, while XLB, XLE, and XLK saw buyers.
High yield funds HYG, JNK and SJNK all saw sellers.