Stock Market Update Sunday, November 24th, 2019
It was a roller-coaster of a week for the stock market.
On Monday, stocks made new record highs.
Then on Tuesday, the major indices opened the day with new records but retreated.
On Wednesday and Thursday, stocks had losing days as well.
And heading into Friday, the S&P was looking at a 3-day losing streak. But stocks managed to snap the losing streak and finish Friday with a small gain.
Friday’s rally wasn’t enough to erase losses for the week though. And stocks experienced their first losing week in 7 weeks.
Here’s what traders were focused on:
- Trade Talks – Trade continues to be the prime catalyst for market movements. On Friday, Chinese President Xi called for mutual respect and equality in trade talks. And President Trump said that we’re close to a deal, but the U.S. should have the better deal.
Here’s where the major indices ended the week:
- The S&P finished with a 0.3% loss. Down 10 points, the S&P ended at 3,110.
- The DOW ended lower by 0.5%. Dropping 129 points, the DOW closed at 27,876.
- The NASDAQ was down 0.3%. With a 21 point loss, the NASDAQ finished at 8,519.
Crude Oil (CL) pulled back on Friday, after a big rally on Wednesday and Thursday. With a 0.1% gain, CL just managed to finish the week positive $57.90 a barrel.
Earnings season might be coming to an end, but there were some nice earnings movers last week.
Nordstrom (JWN) jumped 10.6% after an earnings beat. JWN reported revenues that were in-line with expectations, but earnings per share were 28% higher than what was expected. Gap (GPS) was an earnings winner as well, up nicely with a 4.4% gain after better than expected earnings.
However, Intuit (INTU) was an earnings loser down 4.2%.
Tesla (TSLA) made headlines after it introduced its Cybertruck pickup on Friday. The pick up was a big surprise with its sharp angles, looking like something out of the sci-fi movie Bladerunner.
But the debut didn’t go too well after a steel ball thrown at the vehicle to demonstrate unbreakable windows actually broke the windows. Tesla was down 6.1% on Friday. But it doesn’t look like the botched demo has Tesla fans too concerned. On Saturday, Elon Musk announced that Tesla has received 146,000 pre-orders for the truck.
This upcoming week U.S. markets will be closed on Thursday for Thanksgiving. U.S. exchanges will also close early on Friday.
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.