Jobless Claims lowest in 50 years – Here’s how stocks reacted…

Stock Market Update Thursday, April 11th, 2019

Weekly Jobless Claims came in at the lowest they’ve been since 1969! And stocks got off to a nice start.

Stocks started the day higher, but couldn’t hold onto early gains.

After a dip in the morning, stocks were sideways. Then we saw a sell-off right around lunch and the major indices hit lows of the day.

There was a bit of a bounce in the last hour of trading, but it wasn’t enough to bring the major indices back into positive territory.

By the end of the day, the NASDAQ and DOW were lower.

But the S&P barely managed to hold onto small gains with an 11/100 of a point gain…that’s as close to breakeven as we’ve ever seen!

Here’s where the major indices ended the day:

  • The S&P finished flat. The S&P ended at 2,888.
  • The DOW ended lower by 0.1%. Dropping 14 points, the DOW closed at 26,143.
  • The NASDAQ was down 0.2%. With a 17 point loss, the NASDAQ finished at 7,947.

Crude Oil (CL) retreated after making new highs for the year. Down 1.5%, CL ended at $63.64 a barrel.

In Brexit news, EU leaders gave the U.K. more time, pushing the Brexit deadline back until Halloween. We get to hear about a possible deal for the next 6 months (yay). 

Uber officially filed to go public today. The IPO is expected to be the biggest of the year.

Tomorrow bank earnings will be in the spotlight. Get ready for earnings season! 

JPMorgan Chase (JPM) and Wells Fargo (WFC) are scheduled to report and right now 1st Quarter earnings aren’t expect to be too hot. According to FactSet, Q1 earnings are expected to drop 4.2% which would be the worst since 2016.

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.

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