It looked like another day in bullish paradise. At the open, stocks were rallying and the major indices were making record highs.
The NASDAQ was up nicely with Amazon (AMZN)jumping 2.7% after another upgrade. And the DOW was up 285 points, easily slipping past the 26,000 mark.
But the enthusiasm was short-lived.
The major indices turned quickly just after 10:00am ET. Stocks continued to edge lower until the sell-off really kicked in around 1:30pm ET.
The NASDAQ was the first index to turn red, and everyone followed.
Today’s sell-off didn’t seem to have a direct catalyst. However, Steve Bannon’s subpoena by Mueller’s Trump-Russia investigation didn’t help matters. And traders are getting worried about the possibility of a government shut down if politicians can’t agree on a spending bill (the deadline is Friday).
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Here’s where the major indices ended the day:
- The S&P finished 0.4% lower. Down 10 points, the S&P ended at 2,776.
- The DOW ended flat. Dropping 10 points, the DOW closed at 25,793.
- The NASDAQ was down 0.5%. With a 38 point loss, the NASDAQ finished at 7,224.
- Bitcoin was down 26.1%. Losing $3619, Bitcoin is trading at $10,244.
Bitcoin was slammed today, down another 25%+. The drop carried over into other cryptocurrencies as well with Ethereum down 26.8%, and Litecoin down 28.9%. The sell-off comes on crypto crackdown concerns in Asia.
Crude Oil (CL) retreated from 3-year highs today. After a few strong weeks, some profit taking was in order. CL ended with a 0.8% loss at $63.82 a barrel.
General Electric (GE) tumbled after announcing that it will be taking a $6.2 billion hit in Q4. With rumors swirling around about the company possibly being broken up, GE finished the day with a 2.9% loss.
Merck (MRK) jumped after announcing positive results in its Keytruda drug trial. MRK was up 5.8% at the close.
And Citigroup (C) and UnitedHealth (UNH) kicked off this week’s earnings reports. Both companies beat estimates but were choppy after the open. Citigroup ended 0.4% higher and UnitedHealth was up 1.9%.
Other earnings to keep an eye on…Goldman (GS), Bank of America (BAC), and Charles Schwab (SCHW)report tomorrow morning.
We have a quiet calendar tomorrow, with no major reports.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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