Friday was bad! – Here’s what happened…

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Stock Market Update Sunday, October 20th, 2019

Stocks looked good last week. At least until Friday.

On Monday, stocks were slightly lower.

But on Tuesday stocks rallied on better than expected earnings from banks.

Wednesday was a small down day after weaker than expected Retail Sales numbers (the first decline in 7 months). But another batch of positive earnings helped offset the weak retail data.

Then stocks rallied again on Thursday after reports of a new Brexit deal and better than expected earnings.

The major indices were setting up for a great week and the S&P was making a move back towards record highs.

But on Friday negative news from Boeing (BA) and Johnson & Johnson (JNJ) hit the DOW hard, and stocks dropped.

With Friday’s loss, the DOW finished the week in negative territory while the S&P and NASDAQ were still positive.

Here’s where the major indices ended the week:

  • The S&P finished with a 0.5% gain. Up 16 points, the S&P ended at 2,986.
  • The DOW ended lower by 0.2%. Dropping 46 points, the DOW closed at 26,770.
  • The NASDAQ was up 0.4%. With a 33 point gain, the NASDAQ finished at 8,090.

Crude Oil (CL) close finished the week with a loss. Down 2.0%, CL ended at $53.78 a barrel.

Boeing (BA) was rocked with a 6.8% loss, dropping back below levels the stock was trading at back with the 2nd 737 Max plane crashed. It was the biggest one day drop for Boeing since 2016. The loss came after news that messages inside the company suggest that the FAA was misled about the safety of the 737 Max.

Johnson & Johnson (JNJ) was another DOW stock that was hit hard on Friday. The stock dropped 6.2% after reports that some baby powder was being recalled after finding trace amounts of asbestos in the product.

In earnings news, American Express (AXP) reported better than expected numbers but finished the day with a 2.0% loss.

Although Friday was a rough day for stocks, Q3 earnings overall have been much better than expected.

According to FactSet, more than seventy S&P 500 companies reported earnings last week. And 81% reported better than expected numbers. 

This upcoming week earnings will remain in the spotlight. Approximately 24% of the companies in the S&P 500 are scheduled to report next week. Including big names like: Caterpillar (CAT), Boeing (BA), Amazon (AMZN), Intel (INTC), and Mcdonald’s (MCD)

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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