Stocks struggled to find direction today and finished the session with a small loss.
After starting the day slightly lower, stocks rallied in the morning and worked their way back into positive territory.
But 40 minutes into the trading day, the rally paused. And stocks pretty much traded sideways for the rest of the day.
A sell-off in the last 30 minutes of trading brought the major indices back into negative territory, and stocks finished with a small loss.
The S&P traded in less than a 14 point range today. Which was one of the smallest ranges of the year (3rd to be exact).
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 2 points, the S&P ended at 2,794.
- The DOW ended lower by 0.1%. Dropping 34 points, the DOW closed at 26,058.
- The NASDAQ down up 0.1%. With a 5 point gain, the NASDAQ finished at 7,549.
Crude Oil (CL) was pretty quiet following comments from President Trump yesterday. CL finished 2 cents higher at $55.50 after yesterday’s drop.
Fed Chair Powell testified before the Senate Banking Committee today. But there really wasn’t any new news or anything to stir the markets.
Earnings were mixed today.
Home Depot (HD) reported worse than expected guidance and lost 0.9%. But Macy’s (M) was up 1.5% on better than expected numbers. And AutoZone (AZO) was an earnings beta as well, rallying 5.1% today on the news.
Caterpillar (CAT) lost 2.4% after a double downgrade from UBS (their rating went from BUY to SELL).
Fed Chair Powell will be in the spotlight again tomorrow. This time testifying before the House Financial Services Committee.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com
Source: RockwellTrading by Markus Heitkoetter | Original Link