There was a a lot of news to move the market, but stocks struggled to find direction throughout the week.
Here’s what traders were focused on:
Trump & Kim – The meeting had a bigger impact on media headlines than the market. But President Trump’s historic meeting with Kim Jong Un had everyone’s attention at the beginning of the week.
Interest Rates – On Wednesday, the Fed raised rates for the 2nd time this year. The rate hike was expected, but there was some volatility on Wednesday and Thursday with traders digesting the Fed decision.
NASDAQ record highs – The NASDAQ was the clear leader last week. The tech stock index hit record highs on Thursday before a small pullback on Friday. The NASDAQ finished with its best weekly close ever.
Trade War Fears – On Friday, President Trump said that he’s approved a 25% tariff on $5o billion worth of Chinese goods…with more coming if China retaliates. AND in typical Trade War fashion, China retaliated saying they would impose tariffs on $36 billion in U.S. goods.
After a choppy week, stocks finished the week mixed.
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Here’s where the major indices ended the week:
- The S&P finished flat. Up less than a point, the S&P ended at 2,780.
- The DOW ended 0.9% lower. Dropping 226 points, the DOW closed at 25,090.
- The NASDAQ was up 1.3%. With a 101 point gain, the NASDAQ finished at 7,746.
- Bitcoin ended 15.3% lower. Dropping $1180, Bitcoin is trading at $6,540.
Crude Oil (CL) finished the week lower. Down 1.1%, CL ended at $65.01 a barrel. This week traders will keep an eye on an important meeting with OPEC and non-OPEC producers, where it’s expected that oil production targets will be raised.
Adobe Systems (ADBE) lost 2.4% on Friday, in spite of better than expected earnings.
Gold (GC) was significantly lower on Friday. Down 2.2%, Gold had its biggest drop in 18 months while the US dollar hit an 11-month high.
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Source: RockwellTrading by Markus Heitkoetter | Original Link