Stock Market Update Tuesday, July 16th, 2019
Stocks pulled away from record highs today.
Trading was quiet in the morning. But after a small rally, stocks were sitting at highs of the day just 90 minutes into the trading session.
Then trade worries crept back into the news after President Trump said that the U.S. and China have a “long way to go” on trade.
This news led to a lunch time sell off that brought the major indices to session lows. After the dip, stocks just couldn’t recover.
Before the midday retreat the DOW rallied to record highs, making a new record for the 4th day straight.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 10 points, the S&P ended at 3,004.
- The DOW ended lower by 0.1%. Dropping 24 points, the DOW closed at 27,336.
- The NASDAQ was down 0.4%. With a 35 point loss, the NASDAQ finished at 8,223.
Crude Oil (CL) suffered its 2nd biggest loss of the month. With a 3.3% loss, CL ended at $57.61 a barrel.
Bitcoin was on the move again today, dropping another 11.7%. It was the first close below 10,000 for Bitcoin in almost a month.
In earnings news, Goldman Sachs (GS) reported better than expected numbers and rallied 1.9%. JP Morgan Chase (JPM) was another winner, up 1.1% after an earnings beat.
Traders aren’t very optimistic about earnings this quarter, with some analysts believing that Q2 earnings could be lower by as much as 3.0%. But so far we’re off to a decent start.
According to Factset, a little more than 5% of the S&P 500 companies have reported earnings thus far. And 85% have reported better than expected numbers.
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.