Stock Market Update Wednesday, July 24th, 2019
The S&P finished higher for the 3rd day in a row today.
Trading got off to a rocky start after news that the U.S. is targeting big tech companies.
According to Treasury Secretary Steven Mnuchin, Amazon has “destroyed the retail industry.”
And yesterday after the bell, the Department of Justice announced that it is opening an anti-trust review of big tech companies and their online sales practices.
Stocks were lower overnight. and the major indices started the day in negative territory. But stocks shook off the news and rallied after the open.
Trading was quiet during lunch. But another rally in the afternoon helped put the major indices at highs of the day.
Both the NASDAQ and the S&P made new record highs and ended the day with record closes.
But suprisingly the DOW struggled and ended the day with a small loss.
Here’s where the major indices ended the day:
- The S&P finished with a 0.5% gain. Up 14 points, the S&P ended at 3,020.
- The DOW ended lower by 0.3%. Dropping 79 points, the DOW closed at 27,270.
- The NASDAQ was up 0.9%. With a 70 point gain, the NASDAQ finished at 8,322.
Crude Oil (CL) opened higher but finished the day with a loss. With a 1.5% loss, CL ended at $55.93 a barrel. Todays Crude Oil Inventories showed a 10.8 million barrel decrease in U.S. stockpiles compared to the 4.2 million barrel decrease expected.
The DOW was held back by disappointing earnings from key companies.
Boeing (BA) reported its worst quarterly loss ever because of the 737 Max issues and finished lower by 3.1%.
Caterpillar (CAT) had a tough day as well. The stock lost 4.5% after cutting future guidance because of tariffs and lower demand in China.
But on a possitive note, Visa (V) closed higher by 1.3% after better than expected numbers. And Snap (SNAP) jumped 18.8% after an earnings beat.
In after-hours trading, Tesla (TSLA) is down 10% after reported worse than expected losses.
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.