A possible government shutdown is the focus now.
As uncertainty creeps back into the markets, the VIX (aka Fear Index) closed at the highest level since mid-November.
The major indices opened right around where they left off yesterday, then fell after the first half hour of trading. By mid-morning stocks were lower, and the DOW was down as much as 170.
The S&P and NASDAQ clawed their way back from early losses by the afternoon. But after a choppy trading session, the major indices were all lower at the close.
So what do stocks usually do if there’s a government shutdown? According to LPL Financial, the S&P falls an average of 0.6% during a government closure.
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Here’s where the major indices ended the day:
- The S&P finished 0.2% lower. Down 5 points, the S&P ended at 2,798.
- The DOW ended with a 0.4% loss. Dropping 98 points, the DOW closed at 26,018.
- The NASDAQ was flat. With a 2 point loss, the NASDAQ finished at 7,296.
- Bitcoin was down 2.9%. Dropping $333, Bitcoin is trading at $11, 259.
Crude Oil (CL) was slightly lower ahead of today’s Crude Oil Inventories. The report showed a 6.9 million barrel decrease compared to the 1.4 million decrease expected. CL rallied back to today’s opening levels after inventories but finished flat at $63.96.
General Electric (GE) continued its march lower today, losing another 3.3%. That’s an 11.8% loss in 4 days as GE deals with cash flow issues and a lack of buyers.
In earnings news, Alcoa (AA) got hit hard today after reporting earnings. Alcoa finished the day with a 7.0% loss. Morgan Stanely (MS) chopped around after announcing quarterly results before the open but managed to finish with a 0.9% gain.
Looking at the calendar, tomorrow is options expiration. We also have Preliminary Consumer Sentiment at 10:00am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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