Stocks HAMMERED, but is Bitcoin back? – Here’s what you need to know…

Stock Market Update Monday, May 13th, 2019

Stocks were hammered today after the U.S. – China trade situation escalated.

After last week’s surprise tariff increase, China decided it was time to retaliate. The Chinese government plans on imposing tariffs on $60 billion worth of U.S. goods. The tariff increase might be as a high as 25%.

Companies exposed to tariffs and the trade war are getting hammered.

Caterpillar (CAT) lost more than 5% last week. And today CAT was down another 4.6%. 

Intel (INTC), which generates approximately 25% of their sales in China, lost 10.2% last week and dropped another 3.1% today. Apple (AAPL) was down 6.5% last week and was slammed with another 5.8% loss in today’s session.

Stocks opened lower and sold off for most of the day. There was a bit of a bounce in the afternoon, but it hardly put a dent in the day’s losses.

With tech companies taking a beating, the NASDAQ was the biggest loser, down more than 3.0%!

Here’s where the major indices ended the day:

  • The S&P finished with a 2.4% loss. Down 70 points, the S&P ended at 2,812.
  • The DOW was lower by 2.4%. Dropping 617 points, the DOW closed at 25,325.
  • The NASDAQ was down 3.4%. With a 270 point loss, the NASDAQ finished at 7,647.

Crude Oil (CL) opened higher and rallied past the $63 mark but ultimately ended the day with a loss. Down 1.1%, CL ended at $60.99 a barrel.

Uber (UBER) was smacked with another loss. The stock fell 10.8% on its 2nd day of trading.

But Beyond Meat (BYND) bucked the market sell-off and finished the day with a 5.0% win.

Is Bitcoin back?

The cryptocurrency is up 123.5 this year. And today Bitcoin was up 26.8%!

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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