Stocks finished the week mixed.
After opening lower on Monday, the major indices had a tough time gaining any traction.
The S&P finished lower 4 out of 5 days last week. The DOW was lower 3 out of 5 days but suffered the biggest loss with a 1.1% drop.
While the S&P and DOW struggled, the NASDAQ made a bit of a comeback. The NASDAQ finished higher 4 out of 5 days and led the indices with a 0.7% gain.
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Here’s what traders were focused on last week:
- Tariffs – The week started with tariffs hitting another $200 billion of Chinese goods. China retaliated by implementing tariffs on $60 billion worth of U.S. goods.
- OPEC – OPEC decided not to increase oil output. This was a bit of a surprise since supply is dropping because of U.S. sanctions on Iran. President Trump criticized OPEC in front of the U.N. on Tuesday, saying they are “ripping off the rest of the world” by keeping prices higher.
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Here’s where the major indices ended the week:
- The S&P finished 0.5% lower. Down 16 points, the S&P ended at 2,914.
- The DOW ended with a 1.1% loss. Dropping 285 points, the DOW closed at 26,458.
- The NASDAQ was up 0.7%. With a 59 point gain, the NASDAQ finished at 8,046.
- Bitcoin finished 1.9% lower. Down $130, Bitcoin ended at $6,615.
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Friday was the last trading day of September and the major indices wrapped up the month with mixed results. The S&P was up 0.4% for the month, the DOW was on fire with a 1.9% gain, while the NASDAQ lost 0.8%.
Last week also marked the end of the 3rd quarter, which was pretty impressive. The DOW was up 9.0% for the quarter, and the NASDAQ finished higher by 7.1%. The S&P was up 7.2% with its best quarter since Q4 in 2013.
Crude Oil (CL) finished higher for the 3rd week in a row. Up 3.4%, CL ended at $73.16 a barrel. Crude Oil hasn’t finished the week above $73 a barrel in over three years (July 2015).
Facebook (FB) had a rough Friday, after revealing a security breach that could have affected up to 50 million users. Facebook finished the day with a 2.6% loss.
Tesla (TSLA) was crushed after news that the SEC is charging Elon Musk with fraud. Tesla was down 13.9% on Friday after the news. But news came in over the weekend that Tesla and Musk have settled with the SEC. Elon Musk and Tesla were fined $20 million each. As part of the agreement, Musk must step down from the Tesla Board of Directors, but he can remain as Tesla’s CEO.
Source: RockwellTrading by Markus Heitkoetter | Original Link