Stock Market Update Sunday, February 10th, 2019
Stocks ended slightly higher after a back and forth week.
The major indices were higher on Monday and Tuesday, closing at highs of the year.
But stocks retreated on Wednesday and Thursday.
On Friday, the S&P was down as much as 0.9%. But a late session rally helped the S&P finished the day slightly positive.
Here's what traders focused on last week:
- Trade - There were reports that President Trump will not meet with Chinese President Xi before their March 1st deadline. On Thursday, White House economic advisor Larry Kudlow said that the U.S. and China have a "sizeable distance to go" when it comes to trade talks. And on Friday, the Wall Street Journal reported that the two countries are "far from an agreement" as the March deadline approaches.
- Earnings - 2/3rds of the companies in the S&P 500 have reported earnings. And although numbers have been mixed, 71% have reported better than expected numbers.
And here's where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 1 point, the S&P ended at 2708.
- The DOW ended 0.2% higher. Adding 42 points, the DOW closed at 25,106.
- The NASDAQ was up 0.5%. With a 34 point gain, the NASDAQ finished at 7,298.
- Bitcoin finished higher by 4.7%. Up $160, Bitcoin ended at $3,595.
Crude Oil (CL) had a tough week. Down 4.6%, CL ended at $52.75 a barrel.
Earnings continued to be in the spotlight last week.
On Friday, Mattel (MAT) was up an impressive 23.2% after an earnings beat. But Goodyear (GT) lost 9.1% after numbers were worse than expected.
Amazon (AMZN) made headlines on Friday after CEO Jeff Bezos accused the National Enquirer of blackmail. The stock ended the day with a 1.6% loss.
This upcoming week the partial government shutdown will be back in focus, with the temporary funding deadline approaching on Friday. Today, Bloomberg reported that talks to avert a second U.S. government shutdown have broken down over border wall funding. So it might be tough for Republicans and Dems to reach an agreement by the end of the week
And earnings will remain in the spotlight with companies like Activision Blizzard (ATVI), Coca-Cola (KO), Pepsi (PEP), Cisco (CSCO) and Under Armour (UA) reporting. In total, 65 S&P 500 companies will report earnings this week.
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.