Is a Trade War with Europe next? – Here’s what you need to know…

Stock Market Update Tuesday, July 2nd, 2019

Bring out the record books!

Stocks traded higher and the S&P finished the day with a new record close.

The major indices traded sideways for most of the day. But a rally in the last 15 minutes of trading helped stocks finish the day with gains.

Tariffs were the big concern today (again). But this time traders were worried about tariff threats against Europe, instead of tariffs against China. 

The U.S. threatened to impose tariffs on $4 billion worth of European goods over an ongoing Airbus subsidy dispute. Scotch Whisky, olives and cheese are just a few items singled out for possible tariffs.

Here’s where the major indices ended the day:

  • The S&P finished with an 0.3% gain. Up 9 points, the S&P ended at 2,973.
  • The DOW ended higher by 0.3%. Adding 69 points, the DOW closed at 26,787.
  • The NASDAQ was up 0.2%. With an 18 point gain, the NASDAQ finished at 8,019.

Crude Oil (CL) was hammered today. With a 4.8% loss, CL ended at $56.23 a barrel. 

Tesla (TSLA) made headlines after the bell, announcing record deliveries in the 2nd quarter. The company delivered 95,200 vehicles in the last 3 months compared to analyst estimates of 88,000 deliveries. The stock was up more than 7.0% in after-hours trading.

Tomorrow U.S. stock exchanges close early at 1pm ET. And markets will be closed on Thursday for the 4th of July holiday.

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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