Deal or No Deal for China? – Stocks finish lower (again)…

Stock Market Update Thursday, May 9th, 2019

Stocks finished lower for the 4th day in a row.

After a drop in overnight trading, stocks continued their slide this morning. And at one point the S&P was trading at lows not seen since March.

This week its been all about tariffs and trade. And today was no different.

Last night at a rally, President Trump told supporters that China “broke the deal” and that he would have no problem raising tariffs (the next round of tariffs are set to kick in tonight at midnight).

But the major indices enjoyed a little bounce around lunch after President Trump hinted at a deal getting done this week. Trump told reports that “It’s possible to do it, they’re all here.”

Stocks rallied in the afternoon on the hopes of a deal. And although the major indices finished the day with a loss, they managed to close near session highs.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.3% loss. Down 9 points, the S&P ended at 2,871.
  • The DOW was lower by 0.5%. Dropping 139 points, the DOW closed at 25,828.
  • The NASDAQ was down 0.4%. With a 33 point loss, the NASDAQ finished at 7,911.

Crude Oil (CL) opened lower and struggled to get back above the $62 mark. Down 0.6%, CL ended at $61.72 a barrel.

Disney (DIS) rallied this morning after an earnings beat. But the stock ended the day with a 1.0% loss.

Intel (INTC) continued its slide today. The stock lost another 5.3% after sharing a disappointing look at revenue expectations over the coming years.

Uber (UBER) is set to trade publicly tomorrow. At an IPO price of $45 per share, Uber will be one of the biggest IPOs of all time.

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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