Stock Market Update Tuesday, April 9th, 2019
Stocks were lower today because of trade concerns.
But this time the drop was over trade tensions between the U.S. and the European Union, not China.
The World Trade Organization determined that Airbus subsidies (Boeing's rival) have had a negative impact on trade.
And President Trump threatened the EU with tariffs, tweeting "subsidies to Airbus has adversely impacted the United States, which will now put Tariffs on $11 billion of EU products!" U.S. Trade rep Robert LIghthizer followed up by saying "when the E.U. ends these harmful subsidies, the additional U.S. duties imposed in response can be lifted."
With traders worried about trade again, stocks were lower at the open. The major indices continued to slide in the morning.
There was a bounce and mid-day rally. But another dip in the afternoon sent stocks to session lows.
Here's where the major indices ended the day:
- The S&P finished with a 0.6% loss. Down 18 points, the S&P ended at 2,878.
- The DOW ended lower by 0.7%. Dropping 190 points, the DOW closed at 26,151.
- The NASDAQ was down 0.6%. With a 45 point loss, the NASDAQ finished at 7,909.
Crude Oil (CL) pulled back but managed to stay above the $64 mark. Down 0.5%, CL ended at $64.07 a barrel.
Apple (AAPL) was up as much as 1.4% and was trading at 5-month highs this morning. But after a late day reversal, AAPL finished the day with a 0.3% loss. The drop brought Apple's 9-day win streak to an end.
Facebook (FB) bucked the overall trend after a Morgan Stanley raised its price target. The stock finished higher by 1.5%.
American Airlines (AAL) was the next airline to suffer from the Boeing 737 MAX groundings. The airline lowered Q1 revenue expectations, saying they had to cancel 1,200 flights in the quarter. The stock lost 1.7% today but finished well off of today's lows.
Tomorrow traders will keep an eye on the FOMC Minutes released in the afternoon.
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.