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.