Stock Market Update Wednesday, May 8th, 2019
Stocks went on a rollercoaster ride today.
First, China’s commerce ministry said it will take “necessary retaliatory measures” if the U.S. moves ahead with plans to raise tariffs on Friday, and markets went lower.
Then President Trump tweeted that Chinese negotiators “just informed” the White House they are “coming to the U.S. to make a deal” on trade, and markets moved higher.
Then Trump followed up with a tweet saying “We’ll see” – and markets moved lower again.
At the end of the day, the major indices finished flat
Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 5 points, the S&P ended at 2,879.
- The DOW ended flat. Adding 2 points, the DOW closed at 25,967.
- The NASDAQ was down 0.3%. With a 20 point loss, the NASDAQ finished at 7,943.
Crude Oil (CL) finished above $62 per barrel. Up 1.2%, CL ended at $62.12 a barrel.
Lyft (LYFT) dropped 10.8% after the company missed earnings estimates by a wide margin. The stock was also pressured by many ride-hailing drivers around the world turning off their apps Wednesday in protest for better pay, benefits, and worker protections.
Disney (DIS) reported earnings after the close and is up 1.5% in after-hours trading. And they had a special surprise: Disney announced that “Avengers: Endgame” will stream exclusively on Disney+ starting Dec. 11.
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.