Stock Market Update Tuesday, July 9th, 2019
Stocks were on the move but finished mixed.
After a rough start, stocks worked their way higher and eventually closed the gap.
The DOW pushed into positive territory in the last 15 minutes of trading but eventually finished slightly lower.
Right now, everybody is waiting for Jerome Powell.
The Chairman of the Federal Reserve Board will start two days of testimony before Congress on Wednesday, and what everyone wants to know is whether the Fed really will cut interest rates this month or not.
Powell’s testimony will be the first chance for investors to hear his thinking after last week’s June jobs report, which showed non-farm payrolls rise by a surprising 224,000, larger than the expected 160,000. The better than expected report makes investors question whether the domestic economy is slowing down, as the Fed has suggested for the last few months.
If the Fed thinks that the economy is stronger than expected, they probably won’t cut rates, which was the fuel for the most recent rally.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 4 points, the S&P ended at 2,980.
- The DOW ended lower by 0.1%. Dropping 23 points, the DOW closed at 26,783.
- The NASDAQ was up 0.5%. With a 43 point gain, the NASDAQ finished at 8,142.
Crude Oil (CL) flirted with the $58 mark and finished the day higher. With a 0.2% gain, CL ended at $57.49 a barrel.
3M (MMM) was a lower today, dropping 2.1% after an analyst downgrade.
Netflix (NFLX) was up 1.0% today after reporting that the company’s hit show Stranger Things had record viewership.
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.