MARKET UPDATE – Stocks down again

Original Link | RockwellTrading by Markus Heitkoetter

Stocks opened flat, then rallied later morning.

But after a strong morning, stocks moved sideways mid-day and sold-off into the close.

With earnings season essentially over, and the tax reform bill pushed through, traders are asking “what’s next?” And with weakness over the last 2 days, traders are trying to figure out if this is just profit-taking or the beginning of a bigger move lower.

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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 2,630.
• The DOW ended with a 0.5% loss. Dropping 109 points, the DOW closed at 24,181.
• The NASDAQ was down 0.2%. With a 13 point loss, the NASDAQ finished at 6,762.

Crude Oil (CL) finished the session with a small gain. Up 0.4% CL ended at $57.67 a barrel.

Disney (DIS) is reportedly close to finalizing its deal with Twenty-First Century Fox (FOXA). They closed down 2.7% and 0.3% respectively.

Snap (SNAP) soared 10.1% today after receiving a rare upgrade from Barclays. And Allergan (AGN)continued its decline today after rival Revance Therapeutics (RVNC) announced positive phase III data for its frown line treatment. Allergan fell 1.6% and Revance soared 33.7%.

Tomorrow’s economic calendar picks up a little with ADP Non-Farm Employment Change at 8:15am ET and Crude Oil Inventories at 10:30am ET.

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