Stock Market Update Tuesday, January 7th, 2020
Stocks were down slightly heading into the open.
But the the major indices drifted higher after a better than expected ISM Non-Manufacturing PMI report (data came in at 55 versus a 54.5 forecast and was higher than the previous month).
By late morning stocks had attempted to erase morning losses. But from then on it was a chopfest. And the major indices finished the day with losses.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 9 points, the S&P ended at 3,237.
- The DOW ended lower by 0.4%. Up 120 points, the DOW closed at 28,584.
- The NASDAQ was flat. With just a 3 point loss, the NASDAQ finished at 9,069.
Crude Oil (CL) saw its 3-day win streak come to an end today. Down 1.0%, CL finished at $62.66 a barrel. Although Oil saw a big spike the day after the drone strike, Oil hasn’t been as volatile as you might expect. But then again the U.S. is now the world’s largest oil producer (followed by Russia and Saudi Arabia). So the impact of a conflict with Iran just isn’t what it used to be.
Gold (GC) was higher again today. That makes it 10 straight winning days in a row. Gold finished the day with a 0.4% gain. Gold is up 6.3% since the end of December.
J.P. Morgan Chase (JPM) is trading at record highs. And at least one analyst is concerned by this. After a UBS analyst downgrade, JPM finished the day with a 1.7% loss.
It looks like traders liked Musk’s dirty dance…
Tesla (TSLA) jumped to record highs with a 3.9% gain today. Maybe traders liked Elon Musk’s dad-dancing moves. Or maybe they were loving Musk’s presentation at Tesla’s new plant in Shanghai, and the launch of the Model Y in China.
Is Tesla for real?
There are raving fans. And there are some that are waiting for Tesla to crash and burn.
But it’s hard to argue with this stat…Tesla now as a market cap of approximately $84.5 billion, which is almost the market cap of General Motors (GM) and Ford (F) combined!
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.