Dow drops 390 points – Here’s what you need to know…

Stock Market Update Monday, August 12th, 2019

It was a rough start for the week.

Stocks opened lower and continued to drop.

There was a pause in selling during lunch, then another push lower in the afternoon that left the major indices near session lows for the day.

Traders were hoping for some positive trade news this week.

And although no news is often good news, Goldman Sachs soured the mood by saying that they don’t expect a U.S.-China deal until after the 2020 presidential election!

Here’s where the major indices ended the day:

  • The S&P finished with a 1.2% loss. Down 36 points, the S&P ended at 2,883.
  • The DOW ended lower by 1.5%. Down 390 points, the DOW closed at 25,898.
  • The NASDAQ was down 1.2%. With a 96 point loss, the NASDAQ finished at 7,863.

Crude Oil (CL) finished higher for the 3rd day straight. With an 0.8% gain, CL ended the week at $54.93 a barrel.

Once again “safe-haven” assets did well today.

Gold (GC) jumped 0.6% and finished with its best close in 6 years. And 10-year notes were up 0.5%, pushing yields lower, close to levels we haven’t seen since 2007.

But bank stocks suffered because of the lower yields.

Bank of America (BAC) lost 2.4% and JP Morgan Chase (JPM) dropped 2.0%.

Today Uber (UBER) finished with its worst close since going public. Down another 7.0%, Uber has struggled since reporting disappointing earnings on Thursday after the close.

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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