Market Update – Dow down 724 points!

by

Stocks were crushed today, with the S&P turning negative for the year.

There was a lot to digest this morning. Late yesterday, Facebook (FB) CEO Mark Zuckerberg offered a lukewarm apology for the recent data breach. And this morning, President Trump woke up and started firing shots at Joe Biden, calling him mentally and physically weak via twitter.

The major indices were down well over 1.0% heading into the open. And things got uglier after U.S. trading got underway.

In the afternoon, news hit that President Trump signed a Presidential memorandum that would impose $60 billion in new tariffs aimed at China.

With the prospect of a trade war back on the table, sellers stepped in. The major indices were made fresh new lows by 3:30pm ET and continue to sell off into the close.

— TRENDING NOW—

 

[Free Download] The $2.4 Million Trader Playbook

If you don’t make enough from your trades or you’re unhappy with your income, this is something you’ll really want to check this out…

Get The $2.4 Million Biotech Trader Playbook

Here’s where the major indices ended the day:

  • The S&P finished with a 2.5% loss. Down 68 points, the S&P ended at 2,644.
  • The DOW ended 2.9% lower. Losing 724 points, the DOW closed at 23,958.
  • The NASDAQ was down 2.4% With a 179 point loss, the NASDAQ finished at 7,167.
  • Bitcoin ended 2,3% higher. Dropping $204, Bitcoin is trading at $8,684.

Crude Oil (CL) pulled back from yesterday’s highs. Down 1.4%, CL ended at $64.27 a barrel.

General Electric (GE) continued its plunge lower. Down 23.5% this year, GE lost another 3.8% today and is trading at fresh new lows.

AbbVie (ABBV) was hit hard after reporting disappointing results for its small-cell lung cancer drug. ABBV lost 12.8%. Guess (GES) was a beacon of hope in a sea of red today. Guess rocked higher with a 28.3% gain after knocking earnings out of the park.

Micron (MU) is reporting after the close. Not the greatest day to be reporting earnings.

Tomorrow’s economic calendar features Durable Goods Data at 8:30am ET and New Home Sales at 10:00am ET.

Source: RockwellTrading by Markus Heitkoetter | Original Link

Leave a Comment