Last week the major indices bled red. And the prospect of a government shutdown didn’t help things.
On Monday, the DOW was down over 1,500 points at one point. The S&P turned negative for the first time this year and stocks had their worst trading day since 2011.
Early trading on Tuesday didn’t look much better. The major indices opened lower and it looked like things were only going to get worse. But stocks found support and stocks bounced back, cutting Monday’s losses in half.
Wednesday got off to a decent start. But gains were short-lived. In the afternoon, the major indices sold off with the NASDAQ leading the way…Even Elon Musk shooting one of his roadsters up into space wasn’t able to help the markets!
On Thursday it was another bloodbath. Stocks opened lower and continued to slide. Never looking back, the major indices finished near session lows. The DOW lost another 1,000 points and the S&P entered “correction” territory after being down more than 10% from January highs.
There was a lot of uneasiness heading into the weekend. How bad was this sell-off going to get?
But on Friday, things looked a little better. Washington passed a budget deal early in the morning, a few hours after the government shutdown. And stocks opened the day higher.
But the major indices quickly turned red. The S&P tested its 200-day moving average, something it hasn’t done since before the U.S. Presidential election in 2016, and the DOW dropped to 3-month lows. But just when it looked like things were only going to get worse, a late afternoon rally lifted stocks, and the major indices finished with gains of 1.4% – 1.5% across the board.
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Here’s where the major indices ended the week:
- The S&P finished with a 5.2% loss. Down 143 points, the S&P ended at 2,620.
- The DOW ended 5.2% lower. Dropping 1,330 points, the DOW closed at 24,191.
- The NASDAQ was down 5.1% With a 366 point loss, the NASDAQ finished at 6,874.
- Bitcoin was up 3.6%. Adding $288, Bitcoin is trading at $8,364.
Crude Oil (CL) was hammered last week. With a 9.6% loss and close of $59.02 a barrel, CL experienced its biggest weekly loss since 2014.
Looking at stocks, Amazon’s (AMZN) new delivery service inflicted some pain on United Parcel Service (UPS) and FedEx (FDX). UPS was down 8.7% last week, and FDX lost 8.0%.
Earnings didn’t get their fair share of attention last week with the focus being on volatility and the market sell-off. But Twitter (TWTR) went bonkers after earnings. The bar was set high and they ended up delivering, closing the week at $31.51 with a 21.6% gain after hitting a high of almost $35 on Thursday.
GrubHub (GRUB) crushed earnings and announced a partnership with YUM! Brands (YUM). They’ve nearly tripled year over year and finished the week with a 21.1% gain.
Snap (SNAP) also grew some wings. Their revenue grew by 72% year over year. A heavily shorted name, the stock was up 47% on Wednesday, but closed the week a few dollars off its high of $20.71 at $18.80, with a 37.1% gain for the week.
Nvidia (NVDA) also hit it out of the park. They managed to stay relatively strong after reporting Thursday after the close. With Friday’s 6.7% gain, NVDA was able to erase most of its losses from earlier in the week, ending the week with a 0.6% loss.
- MONDAY – No major reports.
- TUESDAY – No major reports.
- WEDNESDAY – CPI Data and Retail Sales Data at 8:30 AM, followed by Crude Oil Inventories at 10:30 AM.
- THURSDAY – Philly Fed Manufacturing and PPI Data at 8:30 AM.
- FRIDAY – Building Permits at 8;30 AM and Preliminary Consumer Sentiment at 10:00 AM.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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