Stock Market Update for Thursday, May 3rd, 2018

Trading got off to a rough start today as a sell-off in the morning took the S&P below its 200-day moving average. After crossing this key technical support level, the S&P continued to slide and was down 1.5%.

Just when it looked like it was only going to get worse, the S&P found support and a mid-day rally brought the S&P back above its 200-day moving average. Stocks were then sideways in the afternoon.

Although the S&P turned positive in the afternoon, a small pullback into the close left the S&P with small losses for the day.


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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 2,630.
  • The DOW ended flat. Adding 5 points, the DOW closed at 23,930.
  • The NASDAQ was down 0.2%. With a 13 point loss, the NASDAQ finished at 7088.
  • Bitcoin ended 5.6% higher. Adding $515, Bitcoin is trading at $9,705.

Crude Oil (CL) opened lower but managed to finished the day near session highs. Up 0.8%, CL ended at $68.45 a barrel.

AIG (AIG) reported an earnings miss and was down 5.3%. NVIDIA (NVDA) was on the move after an upgrade from Barclays. NVDA ended the day 3.0% higher.

Elon Musk faced a lot of scrutiny following yesterday’s earnings call. In the call he cut off an analyst asking about Tesla’s (TSLA) profit potential, saying the question was boring and decided to focus his attention on a YouTuber with questions instead. During the call, the company reported its biggest quarterly loss but vowed to meet production targets by the end of June. TSLA was down 5.6% today.

Its been a busy week for news, but now all eyes turn to the April Jobs Report. The report will be released at 8:30am ET.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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