Original Link | RockwellTrading by Markus Heitkoetter
Today stocks finished lower for the second time this week.
After a lower open, things got ugly. The major indices slide throughout the morning and at one point the DOW was down almost 190 points.
Then around lunch, the sell off eased up and stocks found support. Although the major indices finished lower across the board, a small rally in the afternoon helped erase half of the day’s losses.
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Here’s where the major indices ended the day:
- The S&P finished 0.5% lower. Down 12 points, the S&P ended at 2,557.
- The DOW ended with a 0.5% loss. Losing 112 points, the DOW closed at 23,329.
- The NASDAQ was down 0.5%. With a 35 point loss, the NASDAQ finished at 6,564.
Crude Oil (CL) finished lower as well. Down 0.7%, CL finished the day at $52.13 a barrel. Today’s Crude Oil Inventories showed a suprise 0.9 million barrel increase in U.S. stockpiles (compared to the 2.6 million barrel decrease expected).
Weaker than expected earnings had a big impact on today’s drop.
The DOW was under pressure because of losses from Boeing (BA). Although BA beat earnings estimates, the stock finished the session with a 2.9% loss.
Chipotle (CMG) was crushed after reporting quarterly results yesterday after the close. The stock lost 14.6% after missing on profit estimates. Today a number of analysts downgraded the stock, putting even more pressure on the stock.
AT&T (T) was another stock hurt by earnings. After weaker than expected quarterly results, AT&T lost fell almost 3.9%.
Alphabet (GOOGL) was up 0.3% today ahead of tomorrow’s earnings release. GOOGL reports tomorrow after the bell.
Tomorrow morning we’ll get a look at Unemployment Claims at 8:30am ET and Pending Home Sales at 10:00am ET. Across the pond, the ECB has a press conference tomorrow at at 8:30am ET. Any surprises from the central bank could move markets. ET.
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