Stock Market Update for Thursday, May 17th, 2018

Stocks had a back and forth day before finishing slightly lower.

This morning weekly Unemployment Claims came in at 222,000. Although the number was slightly higher than expected, unemployment claims remain at the lowest levels we’ve seen in 48 years. The 4-week moving unemployment claim average is 213,250, which is the lowest since December 13, 1969.

The report did little to move the markets, and stocks kicked off the session with small losses. But after the slightly lower start, the major indices rallied, hitting session highs 90 minutes into the trading session.

The major indices reversed course late morning and spent the next 3 hours in a slow steady decline, eventually finishing the day with small losses.

But the Russell 2000 was the exception today. While the major indices retreated, the Russell finished 0.6% higher with another record close.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.1% loss. Down 2 points, the S&P ended at 2,720.
  • The DOW ended 0.2% lower. Dropping 55 points, the DOW closed at 24,714.
  • The NASDAQ was down 0.2%. With a 16 point loss, the NASDAQ finished at 7,382.
  • Bitcoin ended 1.1% lower. Dropping $95, Bitcoin is trading at $8,215.

Crude Oil (CL) rallied to multi-year highs and pushed past the $72 mark this morning. But by the end of the day, CL was flat, trading a tick lower at $71.48 a barrel.

U.S.-China trade relations were back in the spotlight today. And this time it looks like it will be difficult for the two countries to reach a deal. President Trump chimed in on the matter, saying that China “has become very spoiled on trade.”

Walmart (WMT) reported better than expected earnings today. But same-store sales estimates were worse than expected and Walmart finished the day 1.90% lower.

Cisco (CSCO) was also lower after reporting better than expected earnings. Cisco ended the day with a 3.8% loss.

It keeps getting worse for Wells Fargo (WFC), after reports that Wells Fargo employees altered customer documents. The bank says the documents were used for “internal purposes” and that “no customers were negatively impacted.” But the report is another blow to the bank’s reputation, a reputation they’ve been desperately trying to repair since the fake account scandal 2 years ago. Wells Fargo lost 1.5% today.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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