Stocks finished lower for the second time in two weeks.
It looked like we were about to see a comeback on Friday with the S&P up 1.0% at its peak. But after a great start to the day, the major indices erased most of the day’s gains with a sell-off into the close.
The indices might have been down for the week, but 2nd quarter numbers were pretty solid. The S&P finished the quarter with a 2.9% gain, the DOW was up 0.7% and the NASDAQ was the clear leader with a 6.3% gain.
Here’s what traders were focused on last week:
- Amazon’s latest acquisition – On Thursday, Amazon (AMZN) announced the purchase of online prescription company PillPack and retail pharmacies lost billions. Walgreens Boots Alliance (WBA)finished the week with an 11.2% loss, Rite Aid Corp, (RAD) gave up 14.4% and CVS Health Corp (CVS) lost 10.9%.
- Bank Stress Tests – Most banks passed Fed stress tests, giving banks a chance to return excess capital to shareholders by increasing dividends.
- Trade War Concerns – Trade is still one of the biggest concerns for traders right now. And on Friday, General Motors (GM) chimed in on the issue saying tariffs on imported cars could lead to a “smaller GM”.
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Here’s where the major indices ended the week:
- The S&P finished with a 1.3% loss. Down 37 points, the S&P ended at 2,718.
- The DOW ended 1.3% lower. Dropping 309 points, the DOW closed at 24,271.
- The NASDAQ was down 2.4%. With a 183 point loss, the NASDAQ finished at 7,510.
- Bitcoin ended 2.2% lower. Losing $135, Bitcoin is trading at $5885.
Crude Oil (CL) had an impressive week. Up 8.2%, CL ended at $74.12 a barrel. It’s the first time CL has ended the week above $74 a barrel since July 3rd, 2015.
Nike (NKE) had a great week after reporting better than expected earnings on Friday. Up 11.1%, Nike traded above $80 for the first time ever and finished with a new record high.
This week will be short with markets closed on Wednesday for Independence Day.
The economic calendar is light ahead of the 4th, and we usually see light volume and quiet markets around the holiday. But there will be quite a few reports to digest on Thursday and Friday, especially with the June Jobs Reports released early Friday morning.
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Source: RockwellTrading by Markus Heitkoetter | Original Link