Today traders were focused on tariffs (again).
Traders had their fingers crossed early on, hoping for some positive trade news. But this optimism quickly faded after China threatened to turn down the recent offer by the U.S. to resume trade talks. China said they would not negotiate with a “gun pointed to its head.”
— TRENDING NOW—
$330,000 per year trading part-time?
Check Out This Video to Learn Jason’s 3 Simple Trading Patterns
After a flat open, stocks edged lower and continued to sell off throughout the day. The move lower picked up in the last hour, on reports that there would be a U.S-China trade announcement after the bell.
It was expected that the announcement would be about President Trump’s next round of tariffs, and this was correct. After the bell, another $200 billion in tariffs on Chinese goods were announced, which go into effect next week.
With today’s drop, the VIX (aka “Fear Index”) rose for the first time in 6 sessions.
— TRENDING NOW—
FREE STOCK TRADING WEBINAR
Experienced Biotech stock investor, Kyle Dennis, will be showing you 3 easy-to-follow steps that you’re going to want in your playbook & he’s got the numbers to prove it!
Here’s where the major indices ended the day:
- The S&P finished 0.6% lower. Down 16 points, the S&P ended at 2,889.
- The DOW ended with a 0.4% loss. Dropping 93 points, the DOW closed at 26,062.
- The NASDAQ was down 1.4%. Lower by 114 points, the NASDAQ finished at 7,896.
- Bitcoin lost 5.5%. Down $360, Bitcoin ended at $6,175.
Crude Oil (CL) opened higher, then pulled back. Down 0.2%, CL finished at $68.86 a barrel.
Tech stocks struggled today, with “FANG” stocks driving today’s NASDAQ drop. Facebook (FB) lost 1.1%, Amazon (AMZN) was lower by 3.2%, Netflix (NFLX) suffered a 3.9% loss, and Google’s parent company Alphabet (GOOGL) lost 1.5%.
Source: RockwellTrading by Markus Heitkoetter | Original Link