Original Link | RockwellTrading by Markus Heitkoetter
The major indices rallied to new records but just couldn’t hold onto today’s gains.
After a lower open, stocks moved higher in the morning. The major indices hit new record highs mid-day but then trading was choppy. Then a small sell-off in the last hour of the session sealed the deal, and the major indices finished the day with small losses across the board.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 4 points, the S&P ended at 2,551.
- The DOW ended 0.1% lower. Dropping 32 points, the DOW closed at 22,841.
- The NASDAQ was down 0.2%. With a 12 point gain, the NASDAQ finished at 6,592.
Crude Oil (CL) settled 1.4% lower at $50.80 a barrel after IEA forecasts weaker oil demand. Weekly Crude Oil Inventories fell by 2.7 million barrels (vs. the 1.9 million barrel drop expected).
Citigroup (C) and JP Morgan (JPM) reported earnings this morning and both companies beat estimates. But the better than expected earnings only seemed to encourage profit taking since Citigroup finished 3.5% lower and JP Morgan finished with a 1.0% loss.
Equifax (EFX) was back in the headlines after their security team took down one of their web pages over security concerns. EFX finished 1.5% lower.
Today Bitcoin crossed the $5,000 mark for the first time, surging 10% to $5,325. There’s been some debate recently over the future of Bitcoin. And today, Citigroup’s CEO mentioned that the company sees a future in blockchain technology. But he also clarified that they are not pursuing bitcoin as a company.
Tomorrow Wells Fargo (WFB) and Bank of America (BAC) will report earnings. It’s also a busy day for the economic calendar.
Here are tomorrow’s key reports: CPI Data and Retail Sales Data at 8:30am ET, Preliminary Consumer Sentiment at 10:00am ET, FOMC Member Evans Speaking at 10:25am ET, and FOMC Member Kaplan Speaking at 11:30am ET.
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