Stock Market Update Tuesday, May 21st, 2019
Stocks bounced back from yesterday’s drop. And with today’s move, the S&P and DOW are now positive for the week.
The Trump administration and Chinese telecom company Huawei were in the spotlight again today. But this time the news was positive.
Yesterday traders were worried when U.S. companies announced that they will stop business with Huawei. But today, the U.S. Department of Commerce announced that they are offering Huawei a 90-day business license in an effort to limit the impact the administration’s decision will have on existing networks and mobile devices.
Stocks were higher at the open on the news and the major indices continued to rally.
There was a bit of a pullback late morning. But by the end of the session, the major indices were trading near session highs.
Here’s where the major indices ended the day:
- The S&P finished with a 0.9% gain. Up 24 points, the S&P ended at 2,864.
- The DOW ended higher by 0.8%. Adding 197 points, the DOW closed at 25,877.
- The NASDAQ was up 1.1%. With an 83 point gain, the NASDAQ finished at 7,786.
Crude Oil (CL) continues to trade around the $63 mark. But his time Crude Oil opened higher and pulled back. Down 0.2%, CL ended at $63.07 a barrel.
Boeing (BA) was higher today after reports that a bird strike may have caused the recent 737 Max crash. The stock finished higher by 1.7%.
Can you imagine Tesla (TSLA) trading at $10 a share? An analyst at Morgan Stanley thinks it’s possible.
Tesla opened the day with a 3.7% loss but managed to claw its way back. At the end the day Tesla was lower by just 0.1%, in spite of Morgan Stanley’s “worst-case” scenario prediction.
With today’s Huwaei news, U.S. companies doing business with the Chinese stock rallied. Micron Technology (MU) finished higher by 3.0%, Qualcomm (QCOM) was up 1.5%, and Nvidia (NVDA) rallied 2.2%.
In earnings news, Kohl’s (KSS) was hammered after reporting weaker than expected numbers. The stock finished the day with a 12.3% loss.
Tomorrow the Fed will be in the spotlight with the April FOMC Minutes released in the afternoon.
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.