It was another ugly day of trading (at least if you’re a bull).
Stocks opened slightly lower and headed straight down this morning. There was a little rebound early afternoon, but it was all downhill from there!
The major indices continued to sell-off into the close and ended the day at session lows.
The DOW finished with its second 1000+ point loss in last three days. And the major indices lost around 4.0% across the board.
Stocks got off to a great start this year. But now things are looking pretty bad.
Today’s drop put the major indices in negative territory for the year, erasing January’s impressive gains. With today’s losses, the S&P and DOW are now down 3.5% this year, and the NASDAQ has lost 1.8%.
With stocks finishing lower 5 out of the last 6 sessions, the major indices could experience their worst week since the financial crisis. And the S&P has officially entered into a “correction” based on a 10% decline from its peak.
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Here’s where the major indices ended the day:
- The S&P finished with a 3.8% loss. Down 101 points, the S&P ended at 2,581.
- The DOW ended 4.2% lower. Dropping 1033 points, the DOW closed at 23,860.
- The NASDAQ was down 3.9% With a 275 point loss, the NASDAQ finished at 6,777.
- Bitcoin was up 6.5%. Adding $496, Bitcoin is trading at $8,148.
Crude Oil (CL) dropped for the 5th day in a row. Down 1.1%, CL finished at $61.10.
In earnings news, Twitter (TWTR) jumped 30% after better than expected earnings and revenue. By the end of the day, TWTR was trading with a 12.2% gain. Tesla (TSLA) also reported earnings. But TSLA was smacked with an 8.6% loss even though earnings were better than expected and TSLA says they’re on track to meet production goals by the end of June.
Traders will keep an eye on Congress this evening to see if Congress passes a 2-year budget deal before tonight’s spending deadline. The bill is expected to pass in the Senate, but it could be more challenging in the House.
Looking at tomorrow’s economic calendar, there are no major reports.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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