Stock Market Update Tuesday, July 30th, 2019
The focus this week has been on the Fed and tomorrow’s Fed Statement.
But today Trump moved the markets with a series of tweets claiming that China isn’t following through with their trade commitments.
Trump tweeted that “China is doing very badly” and they were “supposed to start buying our agricultural product now – no signs they are doing so. That is the problem with China, they just don’t come through.”
This week U.S. trade representatives are meeting in China. But the tweets left traders questioning whether or not any progress could be made.
Stocks were lower at the open, then dropped more. But after a quick slide, the major indices reversed and then traded sideways.
There was an attempted rally in the afternoon. But stocks pulled back again and finished the day with losses.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 8 points, the S&P ended at 3,013.
- The DOW ended lower by 0.1%. Dropping 23 points, the DOW closed at 27,198.
- The NASDAQ was down 0.2%. With a 20 point loss, the NASDAQ finished at 8,274.
Crude Oil (CL) finished higher for the 4th day straight. With a 1.9% gain, CL ended at $57.94 a barrel.
Traders were keeping a close eye on Apple (AAPL) earnings today. The company reported better than expected earnings after the bell and the stock is up more than 0.4% in after-hours trading.
Today Beyond Meat (BYND) was an earnings loser. After being down as much as 17%, the stock ended the day with a 12.3% loss.
Under Armour (UA) had a rough day as well. The stock was down 13.7% after disappointing numbers and projecting declining sales in North America.
It was an ugly day for Capital One (COF) too. The stock lost 5.9% after news of a data breach affecting more than 100 million customers. Capital One confirmed that a former employee is responsible for the hack.
Tomorrow the Fed will release their Fed Statement at 2pm ET followed by a Press Conference at 2:30pm ET.
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.