Stock Market Update Sunday, June 30th, 2019
Stocks finished the week with a loss but managed to make a decent recovery.
On Monday, stocks were slightly lower.
Then on Tuesday, we saw the S&P pulling away from record highs with a sharp drop.
On Wednesday, the S&P closed lower for the 4th day in a row and was sitting on a 1.2% loss for the week.
Stocks bounced back a little on Thursday and rallied again on Friday.
Here’s what traders were focused on:
- Trump/Xi and Trade – Two weeks ago, it was all about the Fed. But last week it was all about trade and the meeting between President Trump and President Xi of China at the G2 meetings in Japan. The meeting took place on Saturday. But during the week, traders were keeping a close eye on the two leaders, and any comments coming out about trade.
- The end of June – Friday was the last trading day of June. And in spite of the small weekly loss, the major indices wrapped up with month with some impressive numbers!
The S&P finished the month with a 6.9% gain which is the best June since 1955. The DOW ended with a 7.2% gain, the best June since 1938! And the NASDAQ finished with an impressive 7.4% gain.
Here’s where the major indices ended the week:
- The S&P finished with a 0.3% loss. Down 9 points, the S&P ended at 2,942.
- The DOW ended lower by 0.5%. Dropping 119 points, the DOW closed at 26,600.
- The NASDAQ was down 0.3%. With a 25 point loss, the NASDAQ finished at 8,006.
Crude Oil (CL) found resistance at the $60 mark, but still finished the week with a nice win. With a 1.8% gain, CL ended at $58.39 a barrel.
So what was the outcome of the talks between Trump and Xi?
The two leaders agreed to continue negotiations and to put new tariffs on hold. Trump also suggested that he would reconsider the restrictions on Chinese telecom Huawei and would allow U.S. sales to the company as long as there isn’t a national security problem.
After the meeting, Trump said that “we are right back on track.”
Bank stocks were on the move on Friday after passing planned stress tests.
JP Morgan Chase (JPM) jumped 2.7%, Bank of America (BAC) finished higher by 2.8%, and Goldman Sachs (GS) rallied 2.7%
Bitcoin was on a wild ride last week!
Bitcoin lost 16.7% on Thursday after a 12.2% gain the day before. And on Friday the cryptocurrency bounced back and was up 15.0%, finishing the week with a 23.9% gain.
Where will the cryptocurrency go from here? Who knows…but one thing is for certain, volatility is back!
Looking at the week ahead, major exchanges close early on Wednesday and are closed Thursday for the 4th of July holiday.
Trading is usually quiet during the holiday week. But traders will be focused on the response to the meeting with Trump and Xi.
Was the outcome enough to make traders happy? We’ll see tomorrow! 🙂
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.