Stocks finished the day mixed, with traders waiting for earnings from Apple (AAPL).
After a higher start, stocks pulled back. But there really wasn’t much movement throughout the day, at least for the S&P and DOW.
The S&P stayed in a 20 point range all day. This compares to a 26.4 point Average Daily Range (ADR) that we’ve seen based on the last 7 days. And the DOW stayed in a 170 point range, which was almost 100 points lower than its ADR of 268 points.
But while the S&P and DOW were quiet, the NASDAQ was on the move.
After a higher start, the NASDAQ sold off and lost almost 1.0% in the morning. Trading was choppy after the dip, and the NASDAQ ended the day with a 0.8% loss.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 4 points, the S&P ended at 2,640.
- The DOW ended higher by 0.2%. Adding 52 points, the DOW closed at 24,580.
- The NASDAQ was down 0.8%. With a 57 point loss, the NASDAQ finished at 7,028.
- Bitcoin finished lower by 0.3%. Down $10, Bitcoin ended at $3,365.
Crude Oil (CL) bounced back from a 3.1% loss yesterday. Up 2.4%, CL ended at $53.22 a barrel.
In earnings news, Pfizer (PFE) reported better than expected earnings but revenue was lower than expected. The stock finished higher by 3.1%.
Verizon (VZ) and 3M (MMM) also had better than expected earnings, but issued weaker than expected guidance. 3M suggested lower guidance was due to slowing business in China. VZ finished the day with a 3.3% loss and 3M was higher by 1.9%.
Apple (AAPL) ended the day with a 1.0% loss ahead of earnings that were reported after the bell.
Traders had low expectations going into Apple’s earnings. Apple reported that sales in China fell 27%. But holiday profits were a little stronger than initially reported. And both earnings and revenue were slightly better than expectations after the company’s warning on January 2nd. In after hours trading AAPL is trading higher by 5.5%+.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link