Original Link | RockwellTrading by Markus Heitkoetter
It was a quiet day for the economic calendar.
But there was a lot of political news to digest.
Today traders were faced with news that that special counsel Robert Mueller indicted former Trump campaign chairman Paul Manafort on numerous charges.
And around 11:30am, news broke that Trump’s tax plan might include a phasing in of the corporate tax rate cut (eventually to 20% by 2022).
The NASDAQ hit a new record high in early trading. But stocks retreated after the 11:30amnews.
Although the White House reported that President Trump doesn’t support the gradual “phase in” approach, the major indices stayed in negative territory.
In the end, the major indices finished the day with a loss.
And volatility remains low. In fact, the DOW just logged its longest period without a 1% intraday move since 1930!
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Here’s where the major indices ended the day:
- The S&P finished 0.3% lower. Down 8 points, the S&P ended at 2,573.
- The DOW ended with a 0.4% loss. Dropping 85 points, the DOW closed at 23,349.
- The NASDAQ was flat. With just a 2 point loss, the NASDAQ finished at 6,699.
Crude Oil (CL) got off to a great start but pulled back from session highs. With a 0.4% gain, CL ended at $54.11 a barrel.
Looking at earnings, Under Armour (UA) and Shopify (SHOP), and Pfizer (PFE) will be the focus tomorrow morning when they report quarterly results.
Tomorrow’s economic calendar includes Chicago PMI at 9:45ma ET, and Consumer Confidence at 10:00am ET.
Tomorrow is also the beginning of a 2-day Fed Meeting that will wrap up Wednesday with the FOMC Statement and Fed Funds Rate announcement.
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