Stocks finished lower for the 2nd day in a row today.
In overnight trading the DOW was down more than 100 points. But a Wall Street Journal report helped the major indices erase overnight losses.
The report claimed that China believes the U.S. will postpone the December 15th tariff deadline so the two can come to a Phase One agreement without raising tariffs. The U.S. and China have until Sunday to reach a deal.
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But there was some conflicting news on trade as well. With White House economic advisor Larry Kudlow saying that tariffs are still “on the table.”
Stocks were slightly higher at the open because of the news. And after a small slide in the first 15 minutes of the session, stocks rallied during the first hour of trading.
The major indices chopped around for most of the day until a small slide in the last hour of trading pushed stocks into negative territory.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 3 points, the S&P ended at 3,133.
- The DOW ended lower by 0.1%. Dropping 28 points, the DOW closed at 27,882.
- The NASDAQ was down 0.1%. With a 6 point loss, the NASDAQ finished at 8,617.
Crude Oil (CL) pushed past the $59 mark and ended the day with its highest close in almost 3 months. Up 0.3%, CL ended the day at $59.21.
Today there was news that Democrats and the White House have reached an agreement over a U.S.-Mexico-China trade agreement (USMCA). Mexican stocks were higher on the news, but U.S. stocks saw little reaction since traders are mostly focused on the bigger U.S.-China trade deal.
Netflix (NFLX) lost 3.1% after an analyst downgrade. And AutoZone (AZO) saw a 6.9% rally after better than expected earnings.
$52,199 for a Mac Pro?
This is the hefty price tag for a fully upgraded Mac Pro, Apple’s newest computer. The upgraded version is meant for audio/video professionals (like Pixar animators), while a consumer version starts at $5,999 (before a screen). Deliveries for the new computer start as soon as next week.
Apple (AAPL) was one of the top performing stocks in the DOW today with a 0.6% gain.
Tomorrow’s focus will be on the Fed.
The Fed is expected to keep rates unchanged, so traders will keep an eye on Fed comments and expectations for 2020.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link