Stock Market Update Sunday, September 1st, 2019
Stocks wrapped up a volatile August with a win last week.
Trading was back and forth on Monday and Tuesday, with the major indices up on Monday then down the next day.
But on Wednesday, stocks rallied after making lows for the week.
Thursday was another win for the markets after China’s commerce ministry said they oppose escalating trade tensions.
And another win on Friday meant the major indices were looking at a 3-day win streak.
With last week’s win, stocks made a major dent in losses from earlier in the month.
It was the 2nd worst month of the year for stocks. But it could have been a lot worse!
Down more than 5.0% early in the month, the S&P ended August with a 1.8% loss. The DOW was down 1.7% for the month, and the NASDAQ lost 2.6%.
Here’s where the major indices ended the week:
- The S&P finished with a 2.8% gain. Up 79 points, the S&P ended at 2,926.
- The DOW ended higher by 3.0%. Adding 774 points, the DOW closed at 26,403.
- The NASDAQ was up 2.7%. With a 211 point gain, the NASDAQ finished at 7,963.
Crude Oil (CL) finished higher for the week but struggled to find direction past the $55 mark. With a 1.5% gain, CL ended at $54.99 a barrel.
Gold (GC) pulled back a little last week (down 0.5%) but had an impressive month. Gold was up 6.3% in August and broke past the $1500 an ounce level for the first time since 2013.
In earnings news, cosmetics company Ulta Beauty (ULTA) looked ugly on Friday. The stock suffered a 29.6% drop on worse than expected numbers and future guidance.
But on a positive note, Campbell Soup (CBP) rallied 3.9% and Dell (DELL) was up 10.2% on better than expected numbers.
Another 15% tariff went into effect today. The tariff will be added to 40% of all consumer products imported from China.
It’s estimated that the September 1st tariffs will increase the price of goods by almost $16 billion over the year. Clothing and footwear products will be most impacted by the tariff.
According to JP Morgan Chase, the tariffs that are scheduled and already inplace will cost the average American household $1,000 per year.
Tomorrow markets are closed for Labor Day.
Enjoy the 3-day weekend!!!
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.