Stock Market Update Thursday, March 7th, 2019
Make it 4 in a row!
Stocks finished lower for the 4th day straight today. The last time we saw a 4-day losing streak was around Christmas.
Concerns about the global economy were the real focus today.
European Central Bank President Mario Draghi said that “we are (in) a period of continued weakness and pervasive uncertainty.” And because of these concerns, the ECB lowered their growth forecasts and said they will hold off on interest rate hikes until at least the end of the year.
The sell off was immediate today.
The S&P was down more than 1.0% in the first hour of trading. There was a small bounce a rally late morning and into lunch. But another drop in the afternoon pushed the S&P to new lows of the day.
Today’s drop left both the S&P and NASDAQ trading below their 200-day moving average, a key technical level that traders watch.
Here’s where the major indices ended the day:
- The S&P finished with a 0.8% loss. Down 23 points, the S&P ended at 2,749.
- The DOW ended lower by 0.8%. Dropping 200 points, the DOW closed at 25,473.
- The NASDAQ dropped 1.1%. With an 84 point loss, the NASDAQ finished at 7,421.
Crude Oil (CL) bounced back after yesterday’s loss. Up 0.7%, CL ended at $56.62 a barrel.
Kroger (KR) was hammered today after an earnings miss. The stock was down 10%. Burlington Stores (BURL) was also lower, losing 11.9% after a mixed earnings report.
Tomorrow all eyes are on the February Jobs Report. The report will be released at 8:30am ET.
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.