Stocks down (again) and Netflix crashes – Here’s what you need to know…

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Stock Market Update Wednesday, July 17th, 2019

Stocks fell for the 2nd day in a row today.

The S&P opened up right around yesterday’s close, then quickly dropped.

After the morning sell off, stocks moved sideways. But another push lower into the close left the major indices at lows of the day.

With today’s loss, the S&P closed back below 3,000 for the first time since the index crosed this psychological number a week ago.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.7% loss. Down 20 points, the S&P ended at 2,984.
  • The DOW ended lower by 0.4%. Dropping 116 points, the DOW closed at 27,220.
  • The NASDAQ was down 0.5%. With a 38 point loss, the NASDAQ finished at 8,185.

Crude Oil (CL) finished lower for the 3rd day straight. With a 1.5% loss, CL ended at $56.77 a barrel. 

In earnings news, CSX Corp (CSX) reported worse than expected earnings and saw its biggest 1-day drop since 2008. CSX CEO James Foote said that the current economy is “one of the most puzzling I have experienced in my career.” The transportation stock finished lower by 10.3%.

The drop in CSX had an impact on other transport stocks as well.

Union Pacific (UNP) lost 6.1% and Norfolk Southern (NSC) dropped 7.5%.

Bank of America (BAC) reported better than expected numbers and finishished with a 0.7% gain. During the earnings call the bank warned that lower rates would mean a loss in interest income growth.

In after hours trading, Netflix (NFLX) was down more than 10%. The loss came after Netflix reported worse than expected subscriber growth, especially in international markets.

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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