Stocks finished mixed after a choppy trading session.
Kicking off the day with gains, the major indices rallied to session highs during the first 30 minutes of trading. But stocks quickly retreated and were trading at lows of the day just 90 minutes later. Stocks were sideways for the next four hours, with the S&P bouncing around breakeven.
In the end, the S&P and DOW finished the day with losses. But the NASDAQ continued its record-setting run, wrapping up the session at new record highs.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 4 points, the S&P ended at 2,783.
- The DOW ended 0.6% lower. Dropping 157, the DOW closed at 25,179.
- The NASDAQ was up 0.4% With a 28 point gain, the NASDAQ finished at 7,588.
- Bitcoin was down 6.2%. Dropping $598, Bitcoin is trading at $9,021.
Crude Oil (CL) gave back some of last week’s gains. With a 1.0% loss, CL ended at $61.41 a barrel.
Looking at today’s market movers, Micron (MU) was up 8.8% after an analyst upgrade.
Broadcom’s (AVGO) bid for Qualcomm (QCOM) got interesting today, after rumors that Intel (INTC) is interested in Broadcom. Broadcom’s $117 bid and Qualcomm buyout would be the biggest technology takeover in history, and a serious through to Intel. Rather than sitting on the sidelines, it sounds like Intel might be ready to make a move. AVGO finished 3.6% higher. Meanwhile, QCOM lost 0.4% and INTC was down 1.3%.
Today traders learned that Tesla (TSLA) stopped production on its Model 3 for a week in February. Although there have been some production concerns with the Model 3, the planned break could help with production efficiency. Tesla ended the day with a 5.6% gain.
Looking at the economic calendar we have CPI Data at 8:30am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link