Original Link | RockwellTrading by Markus Heitkoetter
It was a wild ride for the stock market today!
In overnight trading, Japan’s Nikkei index soared. This move sent global stocks higher and helped the major indices kick off the U.S. session with nice gains. At one point the DOW was up 140 points and the NASDAQ was up 30.
ADP Non-Farm Employment numbers came out before U.S. markets were open, and the report was better than expected with 235,000 jobs added vs. a 202,000 forecast. But after a disappointing ISM Manufacturing PMI (58.7 vs. a 49.5 forecast) report, it was all downhill from there.
After today’s mid-day sell-off, the focus turned to the Fed. Today’s FED Statement was released a 2:00pm ET. As expected, the Fed kept rates unchanged. And with no real surprises, the major indices moved sideways into the close.
The S&P and DOW managed to finish higher. But today’s end of day numbers were nowhere near the record levels experienced near the open.
But the NASDAQ wasn’t so lucky. With Apple (AAPL) sliding 1.3% ahead of tomorrow’s earnings, the NASDAQ finished the day with a loss.
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Here’s where the major indices ended the day:
- The S&P finished 0.2% higher. Up 4 points, the S&P ended at 2,579.
- The DOW ended with a 0.3% gain. Adding 58 points, the DOW closed at 23,435.
- The NASDAQ was down 0.2%. With an 11 point loss, the NASDAQ finished at 6,717.
Crude Oil (CL) mirrored the NASDAQ with a great open followed by a reversal. Down 0.2%, CL finished the session at $54.29. Today’s Crude Oil Inventories showed a2.4 million barrel decline in U.S. stockpiles vs. the 1.5 million barrel decline expected.
Both Facebook (FB) and Tesla (TSLA) report earnings after the bell. So traders will keep an eye on the two companies tomorrow to see how the two stocks react.
And it looks like the Fed has a new Fed Chair. The Wall Street Journal is reporting that President Trump has selected Jerome Powell as the next Fed Chairman, although the “official” announcement isn’t expected until tomorrow.
Looking at tomorrow’s economic calendar we have Unemployment Claims at 8:30am ET.
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