Stocks hammered, DOW losses 799 points! - Here's what you need to know...

Stock Market Update Tuesday, December 4th, 2018

Stocks were hammered today!

After a slightly lower open, the major indices were essentially in a freefall from lunch all the way until the close.

Down more than 3.0% today, the S&P closed below its 200-day moving average, a key technical level some traders use to distinguish between bullish and bearish markets.

Why the drop?

There were no notable economic reports. Instead, it was once again all about trade.

A day after traders were celebrating the positive outcome of a meeting between the U.S. and China, President Trump tweets that he is a "Tariff Man". A Washington Post report claims that China is confused about the comments from Trump and that they have NOT acknowledged a 90-day deadline for talks.

Here's where the major indices ended the day:

  • The S&P finished with a 3.2% loss. Down 90 points, the S&P ended at 2,700.
  • The DOW ended lower by 3.1%. Dropping 799 points, the DOW closed at 25,027.
  • The NASDAQ was down 3.8%. With a 283 point loss, the NASDAQ finished at 7,158.
  • Bitcoin finished higher by 0.9%. Up $35, Bitcoin ended at $3,865.

Crude Oil (CL) finished higher for the 2nd day in a row. With a 0.4% gain, CL finished at $53.17 a barrel.

Autozone (AZO) stood out in a sea of red. The stock finished higher by 6.8% after better than expected earnings. In other earnings news, Dollar General (DG) suffered a 6.8% loss after earnings that were worse than expected.

U.S. stock markets will be closed tomorrow to honor the passing of former President George H.W. Bush.

Here is the economic calendar for the week:

Real Time Economic Calendar provided by Investing.com.

This Stock Market Update was provided by Rockwell Trading Services LLC.

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