Stock Market Update Tuesday, November 19th, 2019
Things looked good at the open today. The major indices opened higher and were trading at new record highs.
But after a strong start, stocks retreated.
There was a steady drop throughout the morning. Then after hitting session lows around 11:00am ET, stocks chopped around in both positive and negative territory until the close.
During a cabinet meeting, President Trump threatened to raise tariffs on China again. Trump said, ” If we don’t make a deal with China, I’ll just raise the tariffs even higher.” Surprisingly, the markets didn’t move much to the threat.
The S&P, DOW and NASDAQ all made record highs today. But it was only the NASDAQ that managed to end the day with a new record close.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 2 points, the S&P ended at 3,120.
- The DOW ended lower by 0.4%. Dropping 102 points, the DOW closed at 27,934.
- The NASDAQ was up 0.2%. With a 21 point gain, the NASDAQ finished at 8,571.
Crude Oil (CL) dropped for the 2nd day in a row, ending the day with its worst close since October. With a 3.1% loss, CL finished the day at $55.37 a barrel.
Home Depot (HD) was a big reason for the DOW’s decline. The stock lost 5.4% after reporting disappointing earnings.
Kohls (KSS) was an earnings loser as well, dropping 19.5% after an earnings miss.
But there were some earnings winners too. TJX Companies (TJX) reported better than expected numbers and finished with a 1.8% gain.
Boeing (BA) was another stock on the move today. The move came after the National Transportation Safety Board said that there was a safety issue with engine covers for the 737 plane.
The stock was up 1.5% at the open but lost 0.7% after the news. Boeing said that it plans to revamp the part for thousands of 737s based on the recommendation.
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.