Worst month of the year? – Here’s what you need to know…

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.

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