Stocks open with a bang, then drop – Here’s what you need to know…

Stock Market Update Wednesday, April 17th, 2019

The major indices kicked off the day with a bang.

In early trading, better than expected economic data out of China helped fuel a rally. Stocks were higher at the open and rallied to highs of the year.

But after 5 minutes of trading stocks dropped. 

The rest of the session stocks were choppy and pushing lower. The S&P found support at 2,900 and ended the day near session lows.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% loss. Down 7 points, the S&P ended at 2,900.
  • The DOW ended flat. Dropping just 3 points, the DOW closed at 26,450.
  • The NASDAQ was down 0.1%. With a 4 point loss, the NASDAQ finished at 7,997.

Crude Oil (CL) was higher for the 2nd day in a row. Up 0.3%, CL ended at $64.21 a barrel.

Netflix (NFLX) was all over the place after reporting disappointing guidance but strong subscriber growth.

Yesterday in after-hours trading, the stock was down as much as 9.3%. Today Netflix was up as much as 2.4% but then dropped and ended the day with a 1.3% loss.

In other earnings news, JP Morgan (JPM) and Bank of America (BAC) reported record profits. JPM finished the day with at 2.9% gain and BAC closed higher by 0.5%.

Earnings have been pretty good so far. According to FactSet, 84.6% of the S&P 500 companies that have reported Q1 earnings have beat analyst expectations.

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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