Original Link | RockwellTrading by Markus Heitkoetter
Stocks got off to a nice start last week. But after gains on Monday, stocks struggled.
The major indices suffered back to back losses on Tuesday and Wednesday, and the S&P touched lows not seen in 3 weeks. With an increase in volatility, it looked like stocks were getting ready to move.
But on Thursday, stocks bounced right back!
After a strong session overseas, the major indices opened higher and continued to rally throughout the day. In the afternoon, House Republicans passed their tax reform bill and stocks finished the day trading at highs of the week.
On Friday stocks were quiet in the morning. But there just wasn’t the same enthusiasm that traders had in the previous trading session. As the day went on, the major indices drifted lower heading into the weekend.
With Friday’s pullback, the S&P and DOW finished the week with small losses. But in spite of Friday’s loss, the NASDAQ finished the week higher with its best weekly close ever.
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Here’s where the major indices ended the week:
- The S&P finished 0.1% lower. Down 3 points, the S&P ended at 2,579.
- The DOW ended with a 0.3% loss. Dropping 64 points, the DOW closed at 23,358.
- The NASDAQ was up 0.5%. With a 32 point gain, the NASDAQ finished at 6,783.
After a tough week, Crude Oil (CL) had a nice rally on Friday. But the rally wasn’t enough to erase losses from earlier in the week. CL finished the week 0.4% lower at $56.70 a barrel.
Bitcoin had another wild week. Last week the cryptocurrency was trading around $6,200 with a 25% loss. But bitcoin bounced right back, hitting a new record high on Thursday.
There were some big earnings moves last week too. Walmart (WMT) beat expectations and rallied to record highs, finishing the week with a 7.2% gain. But Target (TGT) wasn’t so lucky. With an earnings miss, TGT finished the week with a 4.4% loss.
This week Lowes (LOW) and John Deere (DE) are scheduled to report earnings.
This upcoming week will be short with markets closed for Thanksgiving on Thursday. Although exchanges are open Friday, they close early. Trading is typically quiet on Friday with most big traders taking the day off to enjoy a 4-day weekend.
Looking at the economic calendar, here are this week’s key reports (all times ET).
- MONDAY – No major reports.
- TUESDAY – Existing Home Sales at 10:00am and Fed Chair Yellen Speaks at 6:00pm.
- WEDNESDAY – Durable Goods and Unemployment Claims at 8:30am, Revised Consumer Sentiment at 10:00am, Crude Oil Inventories at 10:30, and FOMC Meeting Minutes at 2:00pm.
- THURSDAY – U.S. markets closed for Thanksgiving.
- FRIDAY – Major U.S. markets close early.
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