It was a down day for everything. Stocks, bonds, cryptocurrencies, they all sold off.
Down early, stocks just couldn’t recover. But after the morning sell-off, stocks were essentially rangebound from late morning until the close.
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Here’s where the major indices ended the day:
- The S&P finished 0.3% lower. Down 9 points, the S&P ended at 2,681.
- The DOW ended with a 0.2% loss. Dropping 37 points, the DOW closed at 24,755.
- The NASDAQ was down 0.4%. With a 31 point loss, the NASDAQ finished at 6,964.
- Bitcoin is down 6.0% since yesterday. Down -$1,190, Bitcoin is currently at $17,660.
Crude Oil (CL) has closed within a 30 cent range for the last 3 trading sessions. Today CL finished 0.5% higher at $57.33, just 2 ticks higher than its open. We’ll see if tomorrow’s Crude Oil Inventories can spark some movement.
Anything “crypto” related continues to make headlines. But this time it’s because of an SEC investigation…Today the SEC suspended trading on CryptoCo (CRCW) over the possibility of manipulative stock transactions.
And LongFin (LFIN) is still going crazy after its IPO last week. Today the stock was up as much as $89 before finishing the day at $68.27. The stock IPO’d around $5 and even its CEO is surprised about the crazy moves we’ve seen. On CNBC yesterday, the company’s CEO said current valuation for his company doesn’t make sense!
Today traders had their eye on the tax bill.
The House passed the tax bill as expected with a 227-203 vote. The bill is expected to go to the Senate tonight. But there appears to be a little bit of a hiccup in the GOP’s plans after it was found that 3 provisions in the bill violate Senate rules. So the House will need to revote on the plan tomorrow.
Tomorrow’s economic calendar features Existing Home Sales at 10:00am ET and Crude Oil inventories at 10:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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