Stocks dropped on Friday ahead of Memorial Day weekend but managed to finish the week higher.
So what were traders focused on this week?
- Trade Relations With China – The week began with Treasury Secretary Steven Mnuchin saying the trade war has been “put on hold.” And the week ended with a report that the U.S. has reached a possible deal with the Chinese telecom company ZTE
- North Korea/U.S. Relations – On Thursday, stocks tumbled after President Trump announced his decision to cancel his June meeting with Kim Jong Un. Stocks slipped on the news. But on Friday, there was news that North Korea is still looking to meet with President Trump, and Trump confirmed that communication has opened up again with the country.
- Dodd-Frank Reform – On Thursday President Trump signed a bill that would roll back regulations on lenders placed after the 2008 financial crisis. The bill focuses on small and medium-sized lenders, but big banks could see the regulations lifted in the future as well.
- Crude Oil’s Ups & Downs – Crude Oil hit a 3 1/2 year high on Monday. But on Friday Crude Oil was trading at a 3-week low.
- NASDAQ on the move – The NASDAQ had its best weekly close since it made record highs back in March. With Friday’s close, the tech index is just 2.7% away from record highs.
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Here’s where the major indices ended the week:
- The S&P finished with a 0.3% gain. Up 8 points, the S&P ended at 2,721.
- The DOW ended 0.2% higher. Adding 38 points, the DOW closed at 24,753.
- The NASDAQ was up 1.1%. With an 80 point gain, the NASDAQ finished at 7,434.
- Bitcoin ended 9.5% lower. Losing $780, Bitcoin is trading at $7,475.
Crude Oil (CL) had a tough week, finishing lower for 4 days straight. Down 4.9%, CL ended at $67.87 a barrel.
Netflix (NFLX) had an impressive week with an 8.4% gain. The increase in stock value means that Netflix is the world’s most valuable entertainment media company, with a bigger market cap than Comcast (CMCSA)and Disney (DIS)!
In earnings news, Ross (ROST) and Gap Inc. (GPS) were lower after worse than expecting earnings on Friday. The two companies ended the day with losses of 6.8% and 14.6% respectively.
We’ll have a short week with markets closed on Monday for Memorial Day. On Friday traders will turn their attention to the closely watched Jobs Report.
Source: RockwellTrading by Markus Heitkoetter | Original Link