Stock Market Update Tuesday, May 7th, 2019
Stocks were hammered today because of trade war concerns.
Delegates from China are still scheduled to meet with U.S. trade negotiators on Wednesday. And analysts believe that a deal is still likely.
But the idea of a midnight tariff deadline on Friday freaked out the markets.
The major indices opened lower and slide all day long, only letting up in the last 15 minutes of the day.
The NASDAQ lost 2.0% and the S&P was down as much as 2.4% at one point, flirting with its 50-day moving average.
The DOW had its worst day since January 3rd with a 1.8% drop.
Here’s where the major indices ended the day:
- The S&P finished with a 1.7% loss. Down 48 points, the S&P ended at 2,884.
- The DOW ended lower by 1.8%. Dropping 473 points, the DOW closed at 25,965.
- The NASDAQ was down 2.0%. With a 160 point loss, the NASDAQ finished at 7,964.
Crude Oil (CL) finished with its worst close since March. Up 1.4%, CL ended at $61.36 a barrel.
While stocks were getting hammered, Beyond Meat (BYND) soared! BYND rallied an impressive 5.8%! The stock has finished higher every day since going public (4 days straight).
The VIX (aka “Fear Index”) spiked with today’s drop. The VIX finished higher by 25.1%, hitting levels not seen since January 23rd.
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.