Original Link | RockwellTrading by Markus Heitkoetter
It was a battle between tech stocks and bank stocks today…and banks won. Tech got obliterated while banks soared!
Some tech favs experienced serious selling today. Including..
Facebook (FB) down 3.9%
Amazon (AMZN) -2.7%
Netflix (NFLX) -5.5%
Nvidia (NVDA) -6.8%
Alphabet (GOOGL) -2.4%
The sell-off comes on GOP tax reform concerns, and how the bill might impact tech company taxes since a lot of tech profits come from overseas.
But it was also a shift to stocks that might benefit from lower taxes, less regulation, and higher interested rates – aka banks. JP Morgan (JPM) was 2.1% higher, Wells Fargo (WFC) was up 2.0% and Bank of America (BAC) finished the day with a 2.2% gain.
The S&P opened higher and hit 2,635 just as Janet Yellen began to testify. Preliminary GDP for Q3 came in at 3.3% vs 3.2% expected which set the stage for some early buying. The major indices started to turn at around 10:00 AM, with the S&P dropping approximately 7 points to unchanged in a matter of minutes.
The major indices drifted lower into the afternoon, with the S&P bottoming out around 2,620 before bouncing into a range of 2,622 – 2,626 for the rest of the day. In the end, the major indices finished mixed.
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Here’s where the major indices ended the day:
- The S&P finished flat. Down just a point, the S&P ended at 2,626.
- The DOW ended with a 0.4% gain. Adding 104 points, the DOW closed at 23,941.
- The NASDAQ was down 1.3%. With an 88 point loss, the NASDAQ finished at 6,824.
Crude Oil (CL) traded higher after Crude Oil Inventories were released, but finished the day with a 1.3% loss at $57.25 a barrel. Today’s inventory release showed a decrease of 3.4 million barrels in U.S. stockpiles vs. the 2.5 million barrel decrease expected.
The Tax bill is reportedly ready to be voted on as early as tonight. And right now it’s believed that Senate Republicans have the votes to move forward.
Bitcoin flew past the $10,000 mark and trading past $11,400 before making a sharp u-turn back to $9,100. Traders beware…if you’re looking to get involved in the cyrptocurrency, these type of moves are not for the faint of heart!
Chipotle (CMG) is looking for a new CEO, which initially popped the stock 6%. The stock has struggled since being plagued by a string of e-coli incidents.
Tomorrow morning we have Unemployment Claims at 8:30am ET and Chicago PMI at 9:45am ET. We’ll also get some Fed commentary with FOMC Member Quarles Speaking at 12:30pm ET and FOMC Member Kaplan Speaking at 1:00pm ET.
But the real focus will likely be on Washington and the Tax Bill, and any concerns over North Korea’s “Rocket Man” who continues to stir the pot.
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