Original Link | RockwellTrading by Markus Heitkoetter
It was a slow day for the markets, but not on the news front.
Unemployment Claims came in better than expected before the open. And Alibaba (BABA) reported strong quarterly results ahead of the bell.
Then came the GOP tax plan.
The Republicans unveiled the details of their tax plan this morning at 11:15 AM. Without any real surprises, there wasn’t much of a market reaction. But stocks did drop ahead of the release, with the S&P falling 12 points before recovering the losses.
In the afternoon, the DOW was the first to go green. And in the last 30 minutes of the day, the S&P turned positive and finished slightly higher.
Although there was more volatility today, there wasn’t a lot happening in the afternoon with traders waiting for Apple (AAPL) earnings and the Jobs Report.
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Here’s where the major indices ended the day:
- The S&P finished slightly higher. Up less than a point, the S&P ended at 2,580.
- The DOW ended with a 0.4% gain. Adding 81 points, the DOW closed at 23,516.
- The NASDAQ was flat. With just a 2 point loss, the NASDAQ finished at 6,715.
Crude Oil (CL) finished higher for the fifth time out of the last six trading sessions. Up 0.4%, CL finished the session at $54.54.
Today President Trump announced that Jerome Powell will become the next Fed Chair. The decision was expected.
Tesla (TSLA) fell over 5% today as the company reported a much wider loss than anticipated. And Facebook (FB) beat analyst earnings expectations. But the stock finished slightly lower after Mark Zuckerberg said future profits will be hurt by their attempt to tackle “fake news”.
This afternoon Apple (AAPL) reports earnings. Traders will keep a close eye on the heavyweight since the reaction to AAPL earnings will likely set the tone for tomorrow. We’ll also hear from Starbucks (SBUX).
Tomorrow morning all eyes will be on the monthly Jobs Report. The report consists of Average Hourly Earnings, Non-Farm Employment Change and the Unemployment Rate at 8:30am ET.
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