stock market rallied on Tuesday, boosted by U.S.-China trade optimism and
dovish comments out of the European Central Bank (ECB). Each of the major
indices advanced between 1.0% (S&P 500) and 1.4% (Nasdaq Composite).
The advance began overnight after ECB President Mario Draghi said the central bank is willing to provide additional stimulus if economic conditions don't improve and inflation remains low. Sovereign bond yields fell on the news, sending Germany's 10-yr bund yield to a fresh record low at -0.32%, while U.S. equity futures pushed higher.
Equity futures after hours: S&P 500 futures +3.62 vs. Fair Value of 2,923; Nasdaq 100 futures +13.25 vs. Fair Value of 7,664.
Earnings out after the close/already out: LZB, ADBE, JBL. Earnings out tomorrow morning: BKS, WGO.
Economic news expected to be released tomorrow: MBA Mortgage Index (Consensus NA vs. 26.8% ain the prior week), out 07:00am ET.
Oil prices showed a very muted reaction to today's weekly API oil storage data... July WTI crude oil is now +$2.16 at $54.33/barrel (settlement today was at $54.16/barrel).
Moments ago, the American Petroleum Institute released its weekly U.S. oil storage data, which is as follows:
- API petroleum inventory data for the week ended June 14:
- Crude oil inventories had a draw of 0.812 mln barrels
- Prior week had a build of 4.852 mln barrels
- Gasoline Inventories had a build of 1.458 mln barrels
- Prior week had a build of 0.829 mln barrels
- Distillate Inventories had a draw of -0.05 mln barrels
- Prior week had a draw of 3.461 mln barrels
- Cushing Inventories had a build of 0.519 mln barrels
- Prior week had a build of 2.365 mln barrels