Stocks drop on trade news

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Stock Market Update Thursday, September 26th, 2019

Stocks pulled back today with trade being the focus.

There was positive data to digest, but it didn’t really help stocks.

Final GDP came in at 2.0% (as expected) and Weekly Jobless Claims came in at 213,000 (essentially in-line with expectations).

But Pending Home Sales showed a surpise increase of 1.6% in August, rebounding from a drop in sales back in July.

Stocks opened higher then dropped in the morning. The major indices sank to session lows after reports that the U.S. is not likely to extend a temporary waiver for U.S. companies to sell supplies to Chinese telecom Huawei (Bloomberg).

The major indices finished the day in the red but managed to cut into losses after news that China will import more U.S. products. According to the report, China’s Foreign Minister Wang Yi said in return for the goodwill the U.S has shown by waiving tariffs, China will be buying more American products.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.2% loss. Down 7 points, the S&P ended at 2,978.
  • The DOW ended lower by 0.3%. Dropping 80 points, the DOW closed at 26,891.
  • The NASDAQ was down 0.6%. With a 47 point loss, the NASDAQ finished at 8,031.

Crude Oil (CL) saw a bounce off of today’s lows but still finished lower for the 3rd day in a row. With a 0.2% loss, CL ended at $56.41 a barrel.

It has been an interesting year for IPOs. And today, fitness company (or software company depending on how you look at it) Peloton (PTON) had a rough day during its first day of public trading. Priced as an IPO at $29 a share, the stock opened at $27 and finished the day with an 11.2% loss.

McDonald’s (MCD) jumped on the Beyond Meat (BYND) bandwagon today.

McDonald’s announced that they are offering the mystery meat at 28 locations in Canada for a 12-week test run. BYND finished the day with an 11.6% gain and MCD was unchanged.

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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