Stock Market Update for Tuesday, May 22nd, 2018
U.S.-China trade relations were the focus again today.
China announced that it will cut import tariffs on U.S. autos and some auto parts on July 1st. But there are some concerns over the deal with Chinese telecom company ZTE. President Trump also addressed the upcoming meeting with North Korean leader Kim Jong Un, saying that the meeting in June may not work out.
Up slightly at the open, stocks traded sideways for most of the day. Then a sell-off with about an hour left in the trading session sent the major indices into negative territory.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 9 points, the S&P ended at 2,724.
- The DOW ended 0.7% lower. Dropping 179 points, the DOW closed at 24,834.
- The NASDAQ was down 0.2%. With a 16 point loss, the NASDAQ finished at 7,378.
- Bitcoin ended 3.8% lower. Losing $320, Bitcoin is trading at $8,100.
Crude Oil (CL) got within 10 cents of the $73 mark, then retreated from multi-year highs. With a 0.2% loss, CL ended at $72.18 a barrel.
J.C. Penney (JCP) was a big loser today after news that their CEO will be heading to Lowes (LOW). JCP ended the day with a 6.0%. LOW was up early on the news, as high as 3.4%. But by the end of the day, LOW was trading with a 1.9% loss.
Auto part retailers experienced some big swings today. Advanced Auto Parts (AAP) was up around 5.5% this morning after reporting better than expected earnings per share, but worse than expected revenue. But by the end of the day, AAP had given up the early gains and was down 3.2%.
AutoZone (AZO) had a similar report and made the same type of move. Up close to 7.0% this morning, AZO ended the day with a 9.5% loss.
Mid-day reversals seemed to be a theme today. Kohl’s (KSS) reported earnings that were slightly better than expected and raised its future guidance. KSS was up early but ended the day 7.4% lower.
Here’s the economic calendar for this week:
Real Time Economic Calendar provided by Investing.com.
This Stock Market Update was provided by Rockwell Trading Services LLC.