It was a busy day!
Last night all eyes were on President Trump. In his State of the Union address, Trump focused on his infrastructure plan and a compromise on immigration. Overall, the speech was well received (he stayed on script), and the major indices were trading higher overnight.
We kicked things off this morning with Boeing (BA)earnings. They beat and had an upbeat outlook, sending the stock higher by about 7% at the open. That set the stage for the indices after a rough couple of days.
The DOW was up over 250 points early on. But the DOW fizzled out leading up to the FOMC Statement.
There were no surprises from the Fed during Janet Yellen’s last meeting as Fed Chair. Rates stayed the same and stocks dropped after the statement. But with a little over an hour to go in the day, stocks worked their way back to pre-statement levels.
The major indices finished the day higher, snapping a 2-day losing streak and wrapping up a pretty impressive month. With January coming to a close the S&P is up 5.6%, the DOW is 5.8% higher, and the NASDAQ is sitting on a 7.4% gain.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 1 point, the S&P ended at 2,824.
- The DOW ended 0.3% higher. Adding 73 points, the DOW closed at 26,149.
- The NASDAQ was up 0.1%. With a 9 point loss, the NASDAQ finished at 7,411.
- Bitcoin was down 1.4%. Dropping $141, Bitcoin is trading at $9,947.
Crude Oil (CL) bounced back from a 2-day decline. Up 0.3%, CL ended at $64.69 a barrel. Today’s Crude Oil Inventories showed a 6.8 million barrel increase in U.S. stockpiles (vs. a 0.1 million barrel forecast).
Tyson (TSN) is falling after being accused of colluding in the chicken markets. Tyson lost 3.5% today.
And Advanced Micro Devices (AMD) had quite a day after beating estimates last night. AMD finished 6.8% higher.
It just keeps getting worse for Sears (SHLD). Now they’re laying off 220 corporate employees. Five years ago this was a $50 stock. Today it’s trading at $2.57 a share.
We have an earnings all-star lineup after the close: Facebook (FB), Paypal (PYPL), Microsoft (MSFT), Ebay(EBAY), Qualcomm (QCOM), and others. Then Alibaba (BABA) tomorrow before the open, and Amazon (AMZN), Google (GOOG), Apple (AAPL), Visa (V), Amgen (AMGN) after the close.
Tomorrow’s economic calendar features Unemployment Claims at 8:30am ET and ISM Manufacturing at 10:00am ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link
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