Stock Market Update Thursday, February 28th, 2019
Stocks finished lower again today.
There were a lot of headlines, just not a lot of action.
Meetings between President Trump and Kim Jong-Un ended abruptly after a breakdown in talks, Chinese manufacturing came in weaker than expected and then there’s the showdown between Pakistan and India.
After a choppy session, stocks finished slightly lower. This is the 3rd day in a row that the S&P has ended with a loss.
Today was also the last trading day in February. And in spite of recent losses, the indices had a great month.
The S&P finished the month with a 3.0% gain, the DOW was up 3.7%, and the NASDAQ was higher by 3.4%
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 8 points, the S&P ended at 2,784.
- The DOW ended lower by 0.3%. Dropping 69 points, the DOW closed at 25,916.
- The NASDAQ was up 0.3%. With a 22 point gain, the NASDAQ finished at 7,533.
Crude Oil (CL) was higher for the 3rd day in a row. Up 0.3%, CL finished at $57.10 a barrel.
There were a few big earnings disappointments today.
Box (BOX) was hammered with an 18.7% loss, Bookings Holdings (BKNG) suffered an 11% drop, and HP Inc (HPQ) was hit with a 17.3% drop.
On a positive note, Anheuser-Busch (BUD) still sells beer and was up 4.6%. The company announced mixed earnings results with revenue better than expected but earnings per share lower than expected.
Southwest Airlines (LUV) rallied 4.1%, after speculation that Warren Buttet is considering a takeover bid.
And Tesla (TSLA) was up 1.6% today ahead of its mystery announcement.
And the big news? Tesla launched a $35,000 Model 3 and announced that it will shift all sales to online sales only. But Elon Musk also said that they don’t expect to turn a profit this quarter. In after-hours trading, TSLA was down more than 3.5% after the news.
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.