Stock Market Update Thursday, May 2nd, 2019
Stocks dropped for the 2nd day in a row today, with the DOW leading the way.
The major indices opened lower and actually rallied in the morning. But after the strong start stocks were hammered.
There was a bit of a bounce around 12 noon, but it wasn’t enough to pull the major indices back into positive territory.
If there was something positive today, it’s that it could have been worse!
The S&P was down as much as 0.8% while energy stocks took a beating.
Here’s where the major indices ended the day:
- The S&P finished with an 0.2% loss. Down 6 points, the S&P ended at 2,918.
- The DOW ended lower by 0.5%. Dropping 122 points, the DOW closed at 26,308.
- The NASDAQ was down 0.2%. With a 13 point loss, the NASDAQ finished at 8,037.
Crude Oil (CL) finished lower for the 2nd day in a row and traded at 1-month lows. Down 2.9%, CL ended at $61.76 a barrel.
In earnings news, Square (SQ) was hammered after reporting worse than expected numbers. The stock finished lower by 8.0%. Kellogs (K) was another loser, down 3.4% on an earnings miss.
Tesla (TSLA) was up nicely today after news that the company will raise $2 billion through new equity and convertible notes. The stock finished higher by 4.3%.
Beyond Meat (BYND) started trading on the Nasdaq today. And so far it’s the best performing IPO of the year. The stock was up big, finishing the day at $65.75, 163% higher than its IPO price of $25 a share.
Tomorrow earnings will be pretty light tomorrow as earnings season winds down. Instead, all eyes will be on the April Jobs Report.
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.