Tesla down after Model S explodes in China – Here’s what you need to know…

Stock Market Update Monday, April 22nd, 2019

Stocks were quiet after the 3-day Easter weekend.

The major indices started the day with losses. But after the lower start, stocks crept higher. 

Trading was sideways for the rest of the day. But a small rally in the last 30 minutes of trading helped stocks finish near highs of the day.

The S&P had its best close of the year and is just 1.1% away from record highs after today’s gains. And the NASDAQ closed above 8,000 for the first time this year.

But the DOW was another story.

Held back by Boeing (BA) again, the blue-chip index lagged behind the major indices and finished with a loss.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.1% gain. Up 3 points, the S&P ended at 2,908.
  • The DOW ended lower by 0.2%. Dropping 48 points, the DOW closed at 26,511.
  • The NASDAQ was up 0.2%. With a 17 point gain, the NASDAQ finished at 8,015.

Crude Oil (CL) jumped on reports that the U.S. State Department is going to announce an end to Iranian sanction waivers. These waivers are for countries importing oil from Iran. The potential drop in supply helped Crude Oil finish higher. Up 2.5%, CL ended at at $65.64 a barrel.

Kimberley-Clark (KMB) jumped after better than expected earnings. The stock ended 5.4% higher.

Tesla (TSLA) finished lower by 3.9%, ending the day with its 2nd lowest close of the year. Tesla is investigating a Model S that exploded in China.

Boeing (BA) was the biggest drag on the DOW today, losing 1.3%. The loss came after a New York Times report claimed that workers complained about shoddy production and bad safety practices at a 787 jet plant.

This week traders will continue to keep an eye on earnings, with approximately 150 companies in the S&P 500 scheduled to report.

Tomorrow we’ll hear from Twitter (TWTR), Snap Inc. (SNAP), and Verizon (VZ).

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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