Stock Market Update Friday, May 15th, 2020
Index futures were lower ahead of the open after worse than expected Retail Sales and new trade concerns between the U.S. and China.
April Retail Sales fell by 16.4%…the biggest retail sales drop EVER. The drop was worse than the decline of 12.3% that was expected.
The White House made a move to block shipments to Chinese semiconductor company Huawei.
And the editor-in-chief for the Chinese Global Times tweeted that China would “restrict or investigate US companies including Qualcomm, Cisco, and Apple” if the U.S. takes steps to block Huawei’s supply chain.Following the lower start, stocks rallied.
After better than expected Preliminary Consumer Sentiment, stocks made morning highs around 10:20am ET. But shortly after the rally, stocks pulled back to test morning lows.
Then in a move similar to yesterday, the major indices reversed course. And a steady rally from late morning until the close helped lift stocks to finish the day positive.
The gains from the last 2 days helped pull stocks off of low’s of the week. But the DOW and S&P still ended lower by more than 2.0%+. The NASDAQ made its way back above 9,000 today but ended the week with a 1.2% loss.
Here’s where the major indices ended the day:
- The S&P finished with a 0.4% gain. Up 11 points, the S&P ended at 2,864.
- The DOW ended 0.3% higher. Adding 60 points the DOW closed at 23,685.
- The NASDAQ was up 0.8%. With a 71 point gain the NASDAQ finished at 9,015.
Crude Oil (CL) finished higher for the 2nd day in a row. Up 5.9%, Crude Oil ended at $29.52 a barrel.
Retail stocks did well in spite of the dismal April retail numbers.
Best Buy (BBY) was up 1.9%, Kohl’s (KSS) jumped 5.1%, and Nordstrom (JWN) saw a 4.9% gain.
Disney (DIS) and Home Depot (HD) led the DOW with gains of 3.0% and 2.1%.
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.