Stocks finished the day right where they started. But the end of day numbers are a little misleading because there was a LOT of action today!
After a slightly lower open, stocks tumbled after President Trump announced his decision to cancel the meeting with Kim Jong Un. The decision was based on “tremendous anger and open hostility”, and Trump said it would be “inappropriate” to proceed with the meeting at this time.
The set back in U.S.-North Korea relations sent the S&P lower by as much as 1.0%.
It looked like things could get worse, but traders had a change of heart. Stocks turned on a dime at 11:00am ET and continued to rally into the afternoon.
Today President Trump also signed the Dodd-Frank reform bill, rolling back regulations on lenders that were placed after the 2008 financial crisis. The bill focuses on small and medium-sized lenders, but big banks could see the regulations lifted in the future as well.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 2,728.
- The DOW ended 0.3% lower. Dropping 75 points, the DOW closed at 24,812.
- The NASDAQ was flat. With just a 2 point loss, the NASDAQ finished at 7,424.
- Bitcoin ended 0.1% lower. Losing $10, Bitcoin is trading at $7,550.
Crude Oil (CL) finished lower for the 3rd day in a row. With a 1.5% loss, CL ended at $70.76 a barrel.
Ford (F) and General Motors (GM) were on the move today after a report saying that President Trump is considering an import tariff on foreign vehicles. Ford ended the day 1.6% higher and GM was up 1.4%.
Netflix (NFLX) extend its rally to record levels today with another 1.3% gain. Today’s gain put the stock ahead of Disney (DIS) as the world’s most valuable entertainment company.
In earnings news, Best Buy (BBY) suffered a 6.7% loss today in spite of better than expected Q1 earnings.
There are a few reports to consider tomorrow morning, then traders will get ready for a 3-day weekend with markets closed on Monday for Memorial Day.
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Source: RockwellTrading by Markus Heitkoetter | Original Link