Stock Market Update for Monday, July 16th, 2018

The world has been keeping an eye on two things recently: the World Cup and President Donald Trump.

The World Cup wrapped up on Sunday with France beating Croatia. And President Trump’s whirlwind European trip came to an end after a meeting with Russian President Vladimir Putin.

Although Trump’s meeting with Putin made headlines, there was actually little new information that moved the market. And after a slightly higher open, the major indices traded sideways for most of the session and stocks ended the day mixed.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.1% loss. Down 3 points, the S&P ended at 2,798.
  • The DOW ended 0.2% higher. Adding 45 points, the DOW closed at 25,064.
  • The NASDAQ was down 0.3%. With a 20 point loss, the NASDAQ finished at 7,806.
  • Bitcoin ended 7.8% higher. Adding $480, Bitcoin is trading at $6,660.

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Crude Oil (CL) dropped to new lows for the month. Down 4.0%, CL ended at $68.20 a barrel. Ths drop came after Treasury Secretary Steven Mnuchin said that some Iranian oil importers may receive waivers.

Bank of America (BAC) rallied on better than expected earnings today. The bank finished with a 4.3% gain.

Amazon (AMZN) hit new records on one of its busiest shopping days of the year – Amazon Prime Day. Amazon ended the day 0.5% higher with a record close of $1,822.49.

But Amazon wasn’t the only one setting records. Jeff Bezos (the founder of Amazon) became the richest person in modern history.

If this sounds familiar, Bezos technically became the richest man a year ago. But some questioned whether or not Bezos officially became richer than Bill Gates in his heyday since the ranking didn’t account for inflation. But today, Bezo’s fortune topped $150 billion (currently $55 billion more than Gates), making Bezos the clear leader.

Netflix (NFLX) was slammed in after-hours trading after worse than expected earnings and subscriber growth.  Traders will keep an eye on the NASDAQ and tech stocks tomorrow, with Netflix down as much as 14% after hours.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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