Stocks were active during the short week. In the end, the DOW struggled and the NASDAQ crushed it.
Here’s what moved the markets last week
- Italy’s Government
On Tuesday, stocks were lower around the globe over concerns in Italy. But things settled down after Italy’s President approved a coalition government. The concern earlier in the week was over a possible snap election resulting in a change in leadership that could jeopardize Italy’s membership in the European Union. - Trade Wars Concerns
The White House announced that trade exemptions for the European Union, Canada and Mexico will expire June 1st. This results in a 25% tariff on steel imports and 10% tariff on aluminum - Strong Jobs
On Friday, traders had a strong May Jobs Report to digest. Average Hourly Earnings were up 0.3% (vs. a 0.2% forecast), Non-Farm Employment numbers were up 223K (vs. a 189K forecast), and the Unemployment Rate dropped to 3.8% (vs. a 3.9% forecast). It’s the lowest the Unemployment Rate has been since April 2000. - Tech stocks
The NASDAQ led the way in a big way last week. While the DOW was down 0.5%, the NASDAQ finished with a 1.6% gain. This puts the NASDAQ within striking distance of its record high set back in March…just 1.1% away from all-time highs.
Oh and if anyone was holding their breath, the U.S./North Korea meeting appears to be back on for June 12th.
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Here’s where the major indices ended the day:
- The S&P finished with 0.5% gain. Up 13 points, the S&P ended at 2,735.
- The DOW ended 0.5% lower. Dropping 118 points, the DOW closed at 24,635.
- The NASDAQ was down 1.6%. With a 120 point gain, the NASDAQ finished at 7,554.
- Bitcoin ended 0.1% lower. Losing $5, Bitcoin is trading at $7,470.
Crude Oil (CL) finished lower for the second week in a row. After approaching the $73 mark 2 weeks ago, Crude Oil has lost $8. Down 3.0% for the week, CL ended at $65.85 a barrel.
Apple (AAPL) was up 1.8% on Friday, and 0.9% for the week. With Friday’s close, Apple is trading at a new record high.
Sears Holdings Corp (SHLD) was down 34.7% last week after announcing that 63 more Sears and Kmart stores will be closing.
Looking at the economic calendar, we have a quiet week of a data.
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Source: RockwellTrading by Markus Heitkoetter | Original Link