Trading got off to a rocky start after President Trump’s top economic advisor, Gary Cohn, resigned. Cohn was concerned over the possibility of a trade war and did not see eye-to-eye with Trump on his steel and aluminum tariff plan.
The news hit last night and the S&P was down as much as 1.7% in overnight trading.
This morning, the major indices opened lower across the board, then rallied late mid-morning. But the initial rally didn’t hold, and the indices were back at the lows at around noon.
Then right around 1:00pm ET, stocks were off to the races again. This time breaking past morning levels and finishing near highs of the day.
In spite of the rocky start, the NASDAQ finished the day with another 0.3% gain. The S&P erased early losses and was essentially flat. But the DOW couldn’t break into positive territory and ended with a 0.3% loss.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 1 point, the S&P ended at 2,727.
- The DOW ended with a 0.3% loss. Dropping 83, the DOW closed at 24,801.
- The NASDAQ was up 0.3% With a 25 point gain, the NASDAQ finished at 7,397.
- Bitcoin was down 7.4%. Dropping $797, Bitcoin is trading at $9,967.
Crude Oil (CL) sold off today. With a 2.3% loss, CL ended at $61.15 a barrel.
Bitcoin was hit with another 7% loss today after rumors swirled that Binance was hacked. There was also a warning from the SEC about “potentially unlawful online platforms for trading digital assets.
Snap (SNAP) is letting go of 100 engineers. But the news didn’t do much to the price of the stock as SNAP finished 0.1% higher.
Autodesk (ADSK) had a strong quarter and rocketed higher with a 14.9% gain. But Dollar Tree (DLTR) did the exact opposite after disappointing guidance, ending the day with a 14.5% loss.
President Trump is expected to sign off on steel & aluminum tariffs on Thursday. With tariffs on the horizon, steel names saw some love today with American Steel (X) up 2.6%, Reliance Steel & Aluminum (RS) up 1.6%, and Steel Dynamics (STLD) up 0.8%.
Costco (COST) is on deck for earnings after the bell. And Kroger (KR) will report tomorrow morning.
Looking at the economic calendar, we have Unemployment Claims at 8:30 AM ET.
Source: RockwellTrading by Markus Heitkoetter | Original Link