Stock Market Update Monday, June 10th, 2019
Stocks finished higher (again) after positive trade news.
Today was the day that tariffs of 5.0% were set to be imposed on imports from Mexico.
But on Sunday, President Trump announced that the tariffs would be suspended “indefinitely.”
The major indices were higher at the open and continued to rally throughout the morning. At one point, the S&P was up more than 1.0%.
But a midday pullback erased almost half of today’s early gains.
Although today’s rally lost some of its momentum, the major indices still managed to end the day with a win.
With today’s gain, the S&P and NASDAQ finished higher for the last 5th day in a row. And the DOW is on a 6-day win streak.
Here’s where the major indices ended the day:
- The S&P finished with a 0.5% gain. Up 13 points, the S&P ended at 2,887.
- The DOW ended higher by 0.3%. Adding 79 points, the DOW closed at 26,063.
- The NASDAQ was up 1.1%. With an 81 point gain, the NASDAQ finished at 7,823.
Crude Oil (CL) opened the day with a nice gain then pulled back. CL finished lower by 1.2%, ending at $53.34 a barrel.
There was also some trade news that helped tech stocks.
According to the Wall Street Journal, the director of the Office of Management and Budget is asking to delay restrictions against the Chinese telecom company Huawei. Nvidia (NVDA) and Advanced Micro Devices (AMD), 2 stocks that have been hurt by concerns over Huawei, jumped 2.0% and 2.5% respectively.
Beyond Meat (BYND) continued to soar today. Up another 21.2%, BYND is up more than 60% in just 2 days!
It was also a busy day for mergers…
Raytheon (RTN) and United Technologies (UTX) agreed to a merger. RTN was up 0.7% on the deal and UTX fell 3.0%.
Salesforce.com (CRM) and Tableau Software (DATA) also announced a merger. DATA jumped 33.7% and CRM lost 5.3% after the announcement.
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.