Original Link | RockwellTrading by Markus Heitkoetter
Heading into the open it looked like we were going to have a wild day.
The Japanese Nikkei saw some heavy selling overnight. The sell-off carried over into European indices and at the open U.S. major indices were lower as well.
But after the lower start, things turned around.
Stocks climbed higher throughout the morning and by 10:15am ET the S&P was green. But there wasn’t much action after the morning with stocks pretty much sideways the rest of the day.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% higher. Up 3 points, the S&P ended at 2,585.
- The DOW ended with a 0.1% gain. Adding 17 points, the DOW closed at 23,440.
- The NASDAQ was up 0.1%. With a 7 point drop, the NASDAQ finished at 6,758.
Crude Oil (CL) was stuck trying to figure out what to do with the $57 mark again. After a brief rally past the round number, CL dropped before ending just slightly higher. With a 0.1% gain, CL finished at $56.78 a barrel.
Traders hoping for some action just had to look to General Electric (GE). The stock was smoked today, falling 7.2% to levels not seen since 2012. During today’s “investor day”, the company cut their dividend by 50% and lowered guidance. The stock has already taken a beating this year, down about 38%.
In other stock news, Buffalo Wild Wings (BWLD) is up 25% after hours as Roark Capital made a bid to purchase the company. And Alibaba (BABA) hit $25 billion in sales on its singles day on November 11th. That’s more than Black Friday and Cyber Monday combined!
Tomorrow traders will get a glimpse at the health of retail with Home Depot (HD) and TJX Companies (TJX) reporting in the morning.
Looking at the economic calendar, Fed Chair Janet Yellen is speaking at 5:00am ET and PPI data will be released at 8:30am ET.
And this could be interesting…a news article released after hours in the Atlantic is stating that Donald Trump Jr. met with Wikileaks during the 2016 campaign. Whether this will have an impact on the markets is yet to be seen.
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