Stock Market Update Sunday, April 21st, 2019
Stocks finished the short week mixed after a quiet week of trading.
The S&P stayed in less than a 27 point range, the smallest weekly range of the year.
And although on Wednesday the S&P made new highs for the year, the index pulled back and finished the week 2 points lower.
Here’s what traders are focused on:
- Mueller Report – The Mueller report was in the spotlight on Thursday. Although the report was big news politically and for the media, the markets and traders didn’t seem to care about it. The S&P didn’t move much and finished pretty much right where it opened.
- Earnings – Traders were bracing for a rough quarter. But 1st Quarter earnings have actually been pretty good. 15% of the companies in the S&P 500 have reported so far. And according to FactSet, 78% of the companies that have reported have beaten estimates.
- IPOS – A little more than 2 weeks ago Lyft (LYFT) was getting all of the IPO attention. But this week Zoom (ZM) and Pinterest (PINS). Unlike Lyft’s dismal start, ZM and PINS were up big on their first day of trading. Zoom’s IPO was priced at $36 and opened at $65 on Thursday. Pinterest’s IPO was priced at $19 and opened at $23.75.
Here’s where the major indices ended the week:
- The S&P finished with a 0.1% loss. Down 2 points, the S&P ended at 2,905.
- The DOW ended higher by 0.6%. Adding 147 points, the DOW closed at 26,560.
- The NASDAQ was up 0.2%. With a 14 point gain, the NASDAQ finished at 7,998.
Crude Oil (CL) finished higher for the 7th week in a row! Up 0.1%, CL ended at at $64.08 a barrel.
United Rentals (URI) jumped 8.1% after strong earnings. Honeywell (HON) was up 3.8% after an earnings beat as well.
This week traders will continue to keep an eye on earnings
Amazon (AMZN), Boeing (BA), Coca-Cola (KO), Microsoft (MSFT), and Exxon (XOM) are all reporting this week. These are just a handful of the 150 S&P 500 companies scheduled to report earnings this week. There are also 12 companies in the DOW 30 reporting.
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.