Stock Market Update for Tuesday, May 29th, 2018 – DOW drops 392 points

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The major indices kicked off the short week with losses over political concerns in Italy.

Stocks opened lower then chopped around in the morning. But a surge lower midday took the major indices to session lows.

There was a little bounce higher in the last 45 minutes of the session. But the end of day rally only put a small dent in losses for the day. It was the biggest drop in over a month.

So what’s the big deal with Italy?

There’s a power struggle in Italy and the uncertainty could jeopardize Italy’s future in the European Union.

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Here’s where the major indices ended the day:

  • The S&P finished with a 1.2% loss. Down 31 points, the S&P ended at 2,690.
  • The DOW ended 1.6% lower. Dropping 392 points, the DOW closed at 24,362.
  • The NASDAQ was down 0.5%. With a 38 point loss, the NASDAQ finished at 7,396.
  • Bitcoin ended 3.1% higher. Adding $225, Bitcoin is trading at $7,470.

Crude Oil (CL) had its sixth losing session in a row. Down 2.5%, CL ended at $66.19 a barrel, its lowest close since April 10th.

The story in Italy sent banks lower today with JP Morgan Chase (JPM) getting slammed. JPM ended the day with a 4.3% decline.

Trade war concerns didn’t help matters either. Today the White House announced that it will continue to pursue tariffs against China, releasing a statement that revealed a list of Chinese goods that will be subject to a 25% tariff (worth about $50 billion). The U.S. government is also pushing forward with litigation against China with the World Trade Organization.

Believe it or not, Microsoft (MSFT) is worth more than Alphabet (GOOGL) again. Microsoft fell behind Google 6 years ago. The two companies switched spots a few times over the years, but Google/Alphabet took the lead back in 2015 and hasn’t really looked back. But with a 40% gain in the last year, Microsoft has slowly crept ahead of Alphabet once again, becoming the world’s third most valuable company behind Apple (AAPL) and Amazon (AMZN).

Source: RockwellTrading by Markus Heitkoetter | Original Link

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