Last week’s short trading week ended with some nice gains. But today sellers were back in business.
Right out of the gate, we went south pretty fast. By 11:00am ET, indices were already off by over 1%, with tech leading the way down.
At 11:30am ET, a massive S&P futures trade of 71,000 contracts were sold (no it wasn’t us). The trade amounted to $10 billion, and in the next 10 minutes, the S&P was down 20 points.
The NASDAQ continues to get beat up, leading the major indices lower today with a 2.7% decline. And the S&P and DOW finished the day with their 2nd lowest close of the year.
— TRENDING NOW—
|
[Free Download] The $2.4 Million Trader Playbook 
If you don’t make enough from your trades or you’re unhappy with your income, this is something you’ll really want to check this out… |
Here’s where the major indices ended the day:
- The S&P finished with a 2.2% loss. Down 59 points, the S&P ended at 2,582.
- The DOW ended 1.9% lower. Dropping 459 points, the DOW closed at 23,644.
- The NASDAQ was down 2.7% With a 193 point loss, the NASDAQ finished at 6,870.
- Bitcoin ended 1.2% higher. Adding $82, Bitcoin is trading at $6,977.
Today’s losses were not isolated to stocks. Crude Oil (CL) slipped right past the $60 mark and closed at $58.96 a barrel. CL ended with a 3.4% loss.
Yesterday, Elon Musk joked about bankruptcy and raising funds with an Easter Egg sale in an April Fool’s tweet. But investors weren’t laughing this morning. Tesla (TSLA) was down as much as -7.5%, before rebounding slightly and finishing with a 5.1% loss. The company’s cash flow concerns are growing as its Model 3 issues persist.
Intel (INTC) got destroyed after Apple (AAPL) announced plans to ditch their chips by 2020. Intel was down over 9% but ended the day with a 6.1% loss.
It was pretty ugly across the board for FANG stocks:
FB -2.8%
AMZN -5.2%
NFLX -5.1%
AAPL -0.7%
Looking at tomorrow’s economic calendar there are no major reports.
Source: RockwellTrading by Markus Heitkoetter | Original Link