It’s bad…but it could have been worse! – Here’s what you need to know…

Stock Market Update Wednesday, May 29th, 2019

lyft IPOOn a positive note, things could have been a lot worse today.

On the other hand, it’s shaping up to be an UGLY month for stocks.

Stocks opened lower and continued to slide. The major indices hit session lows right around lunch.

At one point the S&P was down 1.3%, trading at levels not seen since mid-March.

A small rally in the last hour of trading helped erase some earlier losses, but the indices still finished lower for the 2nd day in a row.

With today’s drop, the major indices encountered some key technical levels.

The DOW kissed the 25,000 mark and rallied. And the NASDAQ found support around 7,500. But the S&P was another story. After today’s slide, the index closed below 2,800, a level that hasn’t been breached in 2 months.

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 2,783.
  • The DOW ended lower by 0.9%. Dropping 221 points, the DOW closed at 25,126.
  • The NASDAQ was down 0.8%. With a 60 point loss, the NASDAQ finished at 7,547.

Crude Oil (CL) was hammered this morning, opening the day with a 3.0% loss. But after the rough start, CL clawed its way back. Down 0.5%, CL ended at $58.84 a barrel.

Beyond Meat (BYND) continues to defy the overall market, rallying to new highs today. The stock finished 13.4% higher today.

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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