Stock Market Update Wednesday, November 13th, 2019
Stocks did it again today.
After a back and forth session, the S&P and DOW both closed with new record highs.
But it wasn’t easy.
Stocks opened lower after the Wall Street Journal reported that the U.S. and China are disagreeing over tariffs and intellectual property protections. And yesterday, President Trump had some tough comments on trade, saying that tariffs would go up “very substantially” if a deal isn’t made.
After the lower start, traders turned their attention towards Fed Chair Jerome Powell as he testified before Congress.
In his prepared statement, Powell said that interest rates will stay the same as long as the economy continues to grow. But he also stated that low inflation and a weak global economy continue to be concerns.
Stocks clawed their way back during Powell’s testimony and were trading in positive territory by late morning.
In the afternoon we saw another drop after the Wall Street Journal published another negative story about trade. According to the report, the U.S. and China have now hit a snag over ag purchases.
But after a quick drop, stocks bounced back.
At the end of the session, the S&P and DOW were at new records. But the NASDAQ finished slightly lower.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 3,094.
- The DOW ended higher by 0.3%. Adding 92 points, the DOW closed at 27,784.
- The NASDAQ was down 0.1%. With a 4 point loss, the NASDAQ finished at 8,482.
Crude Oil (CL) opened lower and rallied. With a 0.5% gain, CL finished the day at $57.08 a barrel.
Disney (DIS) added to yesterday’s earnings gains by finishing 7.3% higher today. The move came after Disney said that 10 million customers signed up for their Disney+ streaming service.
And Nike (NKE) made headlines after announcing that it will stop selling merchandise directly to Amazon (AMZN). Nike finished higher by 2.0% and Amazon was down 1.4% by the end of the day.
Today was the first day of public testimony in the impeachment hearings against President Trump. Although the impeachment process might be big news politically, traders are definitely more concerned about trade. And aside from any major developments, impeachment news isn’t likely to move the markets much.
Tomorrow Walmart (WMT) and NVIDIA (NVDA) will report earnings after the bell. And Fed Chair Jerome Powell will continue with his 2nd day of testimony.
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.