Stock Market Update Monday, May 20th, 2019
Stocks struggled pretty much all day today.
Tech stocks were the biggest drag on the market, with traders worried about last week’s actions against Chinese telecom company Huawei.
The actions make it difficult for U.S companies to do business with Huawei. And the concern now is if (and how) China might try to hurt U.S. tech companies in retaliation.
Stocks opened lower and continued to slide. There was a bit of a bounce in the morning, but the major indices drifted lower back towards morning lows throughout the rest of the session.
Here’s where the major indices ended the day:
- The S&P finished with a 0.7% loss. Down 19 points, the S&P ended at 2,840.
- The DOW ended lower by 0.3%. Dropping 84 points, the DOW closed at 25,680.
- The NASDAQ was down 1.5%. With a 114 point loss, the NASDAQ finished at 7,702.
Crude Oil (CL) found support around the $63 mark and finished higher as tensions rise over Iran. On Sunday, President Trump tweeted a warning to Iran saying not to threaten the United States, or it would “be the official end of Iran.” Up 0.7%, CL ended at $63.17 a barrel.
Apple (AAPL) suffered a 3.1% loss today, closing at 2- month lows. The drop came after HSBC cut its price target from $180 to $174.
Chipmaker companies were some of the hardest hit by the Huawei news. Today Micron Technology (MU) lost 4.0%, Qualcomm (QCOM) was down 6.0% and Lumentum (LITE) dropped 4.1%.
Merk (MRK) is getting smacked around in after-hours trading. Merck was down as much as 9.0% after announcing that Keytruda, a breast cancer medication, did not meet expectations in its Phase 3 drug trial.
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.