Stock Market Update for Wednesday, May 9th, 2018

Stocks were on the move early today.

The major indices were up nicely at the open, then traded sideways this morning. But by lunch the major indices were on the move again, led by a surge in energy stocks.

Traders were still digesting President Trump’s decision to back out of the Iran nuclear deal today. Sanctions against Iran will most likely result in oil supply issues. And based on today’s energy rally, it looks like traders are betting on this helping U.S. energy stocks.

The S&P closed above its 50-day moving average with its best close since April 19th, which coincidentally was also the last time the index closed above its 50-day.


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Here’s where the major indices ended the day:

  • The S&P finished with a 1.0% gain. Up 26 points, the S&P ended at 2,698.
  • The DOW ended 0.8% higher. Adding 182 points, the DOW closed at 24,543.
  • The NASDAQ was up 1.0%. With a 73 point gain, the NASDAQ finished at 7,340.
  • Bitcoin ended 1.0% higher. Adding $90, Bitcoin is trading at $9,240.

Crude Oil (CL) bounced back after yesterday’s drop. Up 2.5%, CL ended at $70.79 a barrel with its highest close of the year. Today’s Crude Oil Inventories showed a 2.2 million barrel decrease in U.S. stockpiles compared to the 0.2 million barrel drop expected.

Disney (DIS) finished lower after yesterday’s earnings beat. Disney ended the day with a 1.8% loss.

Walmart (WMT) hit a 7-month low after agreeing to buy the Indian company Flipkart for $16 billion. Walmart finished the day 3.1% lower.

And Sears Holding (SHLD)  had a nice jump after news of a deal with Amazon to sell tires. Customers can buy tires on Amazon and have them shipped and installed at a Sears Auto Center. The service will begin in 8 major metro areas at 47 locations, eventually being offered at 400 auto centers across the country. Sears ended the day 15.9% higher.

Tomorrow traders will keep an eye on U.S. inflation with CPI Data released at 8:30am ET.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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