Stock Market Update Monday, September 3rd, 2019
Stocks kicked off the short trading week with a loss today.
Over the weekend, the latest round of U.S.-China tariffs went into effect. And China went a step further, filing a complaint over U.S. import duties with the World Trade Organization (WTO).
The major indices opened lower and never turned positive during the trading day.
To make matters worse, ISM Manufacturing PMI data showed that U.S. manufacturing contracted for the first time since the beginning of 2016 with a reading of 49.1 (readings below 50 indicate contraction instead of industry expansion).
September is historically the worst trading month of the year. According to Kensho Analytics, the S&P has lost an average of 0.5% in September going back 30 years.
The DOW and NASDAQ were hardest hit today. Down 1.1% each.
Here’s where the major indices ended the week:
- The S&P finished with a 0.7% loss. Down 20 points, the S&P ended at 2,906.
- The DOW ended lower by 1.1%. Dropping 285 points, the DOW closed at 26,118.
- The NASDAQ was down 1.1%. With an 89 point loss, the NASDAQ finished at 7,874.
Crude Oil (CL) finished lower for the 3rd day in a row. With a 2.2% loss, CL ended at $53.91 a barrel.
Trade sensitive stocks and chipmakers were some of the hardest hit today.
Nvidia (NVDA) lost 2.0%, Boeing (BA) gave up 2.7% and Caterpillar (CAT) dropped 1.7%.
But Amazon (AMZN) bucked the trend and rallied while most stocks finished lower. Today’s 0.8% gain had a lot to do with an analyst upgrade and revised $2600 price target.
This week traders will continue to monitor the U.S.-China trade situation. We also have the closing watched Jobs Report Friday morning at 8:30am 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.