Stocks ended the day mixed. And it definitely looked like traders were trying to figure out what’s next.
The S&P flirted with its 50-day moving average for the 3rd day in a row, closing above this key level, but struggling to really pull away in either direction.
The focus today was on earnings and trade.
Earnings were pretty good. But Commerce Secretary Wilbur Ross put a damper on the mood after saying that the U.S. and China are still “miles and miles” apart from reaching a deal.
Stocks were slightly higher at the open, then traded sideways.
There was a rally late morning, then a quick pullback. The rest of the day was pretty choppy with a drop to session lows in the afternoon.
By the end of the day the S&P and NASDAQ were higher. But the DOW finished the day with a loss.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 4 points, the S&P ended at 2,642.
- The DOW ended lower by 0.1%. Dropping 22 points, the DOW closed at 24,553.
- The NASDAQ was up 0.7%. With a 48 point gain, the NASDAQ finished at 7,073.
- Bitcoin finished higher by 1.0%. Up $35, Bitcoin ended at $3,530.
Crude Oil (CL) snapped a 2-day losing streak. Up 1.0%, CL ended at $53.14 a barrel.
In earnings news, Texas Instruments (TXN) jumped 6.9%.
And airlines looked good as well.
American Airlines (AAL) us up 6.4%, Southwest Air (LUV) was up 6.3% and JetBlue (JBLU) was up 5.1% after better than expected numbers.
PG&E (PCG) rocketed higher late in trading today, after news that a California investigation cleared the company from liability related to the 2017 Tubbs wildfire. The stock finished higher by 24.9% after it was determined that the fire was caused by a private electrical system.
Was it insider trading or just perfect timing?
An options trader bought 10,000 PG&E calls at 2:39pm ET today. The news came out at 3:10pm ET. At one point in the day the trader’s $200,000 investment was worth $3.7 million!
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link