Stock Market Update Monday, July 8th, 2019
Stocks took a breather today, after last week’s record run.
The major indices opened lower then traded sideways for most of the session.
The quiet session had a lot to do with a “holiday hangover” and traders waiting to hear more from the Fed.
On Friday, better than expected jobs numbers left traders wondering if the Fed will cut rates.
And this week traders will have a lot to digest when it comes to the Fed.
In addition to the Fed Minutes released Wednesday afternoon, Fed Chair Powell will be in the spotlight.
Powell will be speaking tomorrow morning, and he will be in Washington testifying on Wednesday and Thursday.
Here’s where the major indices ended the day:
- The S&P finished with a 0.5% loss. Down 14 points, the S&P ended at 2,976.
- The DOW ended lower by 0.4%. Dropping 116 points, the DOW closed at 26,806.
- The NASDAQ was down 0.8%. With a 63 point loss, the NASDAQ finished at 8,098.
Crude Oil (CL) rallied early this morning but finished the day flat. CL ended at $57.49 a barrel.
Apple (AAPL) was a big loser today, dropping 2.1%. The stock fell after an analyst downgrade.
Deutsche Bank (DB) was in the spotlight after announcing that it will close its global equities business and cut 18,000 jobs in a restructuring effort. DB lost 6.1% today after the news.
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.