Stocks start the week of with a loss after a back and forth trading session.
This morning the major indices opened lower after weak Chinese trade data (exports declined 4.4% year-over-year in December and imports decline 7.6%). Stocks continued to drop in the first 10 minutes of the day, then started to rally.
The major indices continued to make their way higher in the morning, attempting to fill the gap between Friday’s close and today’s open.
The rest of the day was sideways.
There was another attempt higher around 1:45pm ET. But stocks went nowhere, finishing the day slightly higher than today’s open.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.5% loss. Down 14 points, the S&P ended at 2,583.
- The DOW ended lower by 0.4%. Dropping 86 points, the DOW closed at 23,910.
- The NASDAQ was down 0.9%. With a 66 point loss, the NASDAQ finished at 6,906.
- Bitcoin finished higher by 0.6%. Up $20, Bitcoin ended at $3,645.
Crude Oil (CL) finished lower for the 2nd day in a row. Down 2.0%, CL ended at $50.57 a barrel.
PG&E (PCG) was hammered today after reports that the company intends to file for Chapter 11 bankruptcy protection. The stock was down 52.4% today. PG&E has lost 82.5% since November over liability concerns stemming from the Northern California Camp Fire.
Citigroup (C) reported mixed earnings with revenue below expectations. But the stock managed to rally after early losses to finish the day with a 4.0% gain.
It’s officially earnings season, and banks and airlines will be in the spotlight tomorrow. JPMorgan (JPM), Wells Fargo (WFC), and Delta Air Lines (DAL) report before the open. And United Continental (UAL) reports after the close.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
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Source: RockwellTrading by Markus Heitkoetter | Original Link