Stock Market Update Thursday, January 3rd, 2019

Well that was quick.

After a positive start to 2019, stocks slide and moved into negative territory for the year.

You could say that today’s drop had everything to do with Apple.

Yesterday, Apple (AAPL) cut revenue forecasts for 2019 after the bell. And today the stock was hammered with a 10% loss. It was the biggest 1-day slide in almost 6 years.

But the bigger concern is the global economy.

Apple’s CEO Time Cook said the drop in revenue was because of China. And manufacturing numbers show that this isn’t just an Apple problem.

Yesterday, China’s manufacturing report showed that new orders were the lowest since June 2016. And today’s ISM Manufacturing PMI report showed that the manufacturing sector expanded in December, but that incoming orders are slowing. The reading came in at 54.1, well below the 57.7 forecast.

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Here’s where the major indices ended the day:

The S&P finished with a 2.5% loss. Down 62 points, the S&P ended at 2,448.
The DOW ended lower by 2.8%. Dropping 660 points, the DOW closed at 22,686.
The NASDAQ was down 3.0%. With a 202 point loss, the NASDAQ finished at 6,464.
Bitcoin finished lower by 2.2%. Down $85, Bitcoin ended at $3,750.

Crude Oil (CL) managed to close above $47 for the first time in over 2 weeks. Up 1.4%, CL ended at $47.17 a barrel.

Delta Air Lines (DAL) was hit with an 8.9% loss after reporting weaker than expected revenue.

Bristol-Myers Squibb (BMY) announced that it plans purchase Celgene (CELG). The biotech stock was up 20.7% on the news while BMY dropped 13.3% because of the offer.

Tomorrow traders will be keeping a close eye on the Jobs Report at 8:30am ET.

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