Stocks struggled after a decent start this morning.
The S&P was up at the open and rallied 0.3% in the morning. But stocks dropped a little more than an hour into the trading session.
Why the drop?
Traders are cautious right now because of a slowing global economy. Data today from Chinese industrial firms showed that industrial profits dropped the most since 2011.
And a rally in treasuries added to today’s concerns. The 10-year note rallied to the highest level since 2017 (higher interest rates are usually bad for stocks).
After the morning slide, stocks found some support during the lunch session.
There was a bit of a recovery in the afternoon. But in spite of an afternoon rally, stocks finished lower. The NASDAQ led the major indices today with a 0.6% loss.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.5% loss. Down 13 points, the S&P ended at 2,805.
- The DOW ended lower by 0.1%. Dropping 32 points, the DOW closed at 25,626.
- The NASDAQ was down 0.6%. With a 48 point loss, the NASDAQ finished at 7,643.
Crude Oil (CL) retreated today. Down 0.9%, CL ended at $59.40 a barrel.
Apple (AAPL) bucked the overall trend and finished the day higher with a 0.9% gain.
And homebuilders did well today. Although earnings from some big names were slightly worse than expected, promising future guidance was a hit with investors.
KB Home (KBH) was up 2.7% and Lennar (LEN) rallied 3.9% on hopes that the housing market is ready to improve.
Boeing (BA) finished higher by 1.0% today after announcing fixes for their 737 Max planes. The Max was grounded after the deadly crash in Ethiopia.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link