Stock Market Update Thursday, August 1st, 2019
Yesterday it was the Fed moving the market. But today it was the President.
Stocks were up nicely this morning. Then a few tweets from President Trump changed that.
Trump shocked the markets by tweeting…”on September 1st, putting a small additional tariff of 10% on the remaining 300 billion Dollars of goods and products coming from China into our Country. This does not include the 250 billion Dollars already tariffed at 25%…”
After the tweets, stocks tanked.
The DOW was up as much as 311 points before a 592 point swing left the blue chip index down 281 points on the day.
Today’s trade concerns caught traders by surprise.
This week a U.S. delegation was in China for trade talks. It was the first meeting since the “truce” between the two countries. Guess the talks didn’t go well!
Here’s where the major indices ended the day:
- The S&P finished with a 0.9% loss. Down 27 points, the S&P ended at 2,954.
- The DOW ended lower by 1.1%. Dropping 281 points, the DOW closed at 26,583.
- The NASDAQ was down 0.8%. With a 64 point loss, the NASDAQ finished at 8,111.
Crude Oil (CL) was hammered today, bringing the 5-day win streak to an end. With an 8.1% loss, CL ended at $53.86 a barrel.
Stocks that are most sensitive to global trade had a horrible day.
Caterpillar (CAT) lost 3.7% and Deere (DE) was down 2.7%.
Lowes (LOW) was in the spotlight today, after announcing that they will lay off thousands of employees responsible for maintenance and assembly. The stock finished the day with a 1.9% loss.
Tomorrow traders will focus on the July Jobs Report.
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.