Stock Market Update Wednesday, March 6th, 2019
Stocks finished lower for the 3rd day in a row.
After starting the day with small losses, stocks dropped for most of the morning.
Today traders learned the U.S. trade deficit is the biggest it has been in 10 years. The U.S. trade deficit in December was $59.8 billion The deficit between the U.S. and China was $38.7 billion in December.
There was a pause in the sell-off late morning. But the small recovery was short-lived, and as the selling resumed stocks worked their way lower for most of the afternoon.
Here’s where the major indices ended the day:
- The S&P finished with a 0.7% loss. Down 18 points, the S&P ended at 2,771.
- The DOW ended lower by 0.5%. Dropping 133 points, the DOW closed at 25,673.
- The NASDAQ dropped 0.9%. With a 70 point loss, the NASDAQ finished at 7,506.
Crude Oil (CL) finished lower but found support around the $56 mark. Down 0.6%, CL ended at $56.23 a barrel. Today’s Crude Oil Inventories showed a 7.1 million barrel increase in U.S. stockpiles (compared to a 1.2 million forecast).
In earnings news, Dollar Tree (DLTR) and Abercrombie & Fitch (ANF) did rallied after better than expected numbers. DLTR was up 5.1% and ANF jumped 20.4%.
General Electric (GE) dropped another 7.9% today. The stock sold off yesterday after announcing that its industrial unit would be cash flow negative in 2019. GE is down 12.2% in the last 2 days.
Amazon’s (AMZN) pop up store concept is coming to an end. The company announced that it will close all of its 87 locations in April. AMZN was down 1.4% today.
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.