Stock Market Update Tuesday, May 28th, 2019
Stocks were up early this morning.
Rallying after the open, the S&P hit highs of the day just 15 minutes into the trading session.
But after the quick push higher, stocks retreated and moved sideways for most of the day.
Then with 2 hours left in the session stocks dropped, wrapping up the day at session lows.
President Trump didn’t really help today with a less than enthusiastic comment about trade with China.
Trump said that he expects a deal in the future, but is not ready to make a deal.
With today’s loss stocks finished at 2-month lows.
Here’s where the major indices ended the day:
- The S&P finished with a 0.8% loss. Down 24 points, the S&P ended at 2,802.
- The DOW ended lower by 0.9%. Dropping 238 points, the DOW closed at 25,348.
- The NASDAQ was down 0.4%. With a 32 point loss, the NASDAQ finished at 7,605.
Crude Oil (CL) found support today right above the $59 mark. Up 0.8% since Friday, CL ended at $59.11 a barrel.
The 10-year note rallied to highs of the year today, pushing the 10-year yield to 2.26%, its lowest in 19 months.
Chipmakers dropped again today, largely due to the ongoing U.S.-China trade war.
Micron (MU) fell 3.1%, Intel (INTC) lost 2.2%, and Qorvo (QRVO) dropped 2.5%.
But on a positive note, Advanced Micro Devices (AMD) was a green dot in a sea of red, jumping 9.8% after revealing some new products over the weekend. And Beyond Meat (BYND) rallied 8.0% after announcing a partnership with a company based in the Netherlands.
May is setting up to be the worst month of 2019. With only 3 more trading days in the month, the S&P is down 4.9%.
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.