What a ride!
Stocks finished the day lower. But the end of day numbers tell just part of today’s story.
After kicking off the session with losses, stocks continued to slide this morning. At one point the S&P was down more than 2.0% and trading at lows not seen since June. And the DOW was down over 500 points!
But things turned around midday and an afternoon rally helped erase a big part of this morning’s losses.
In the end, the major indices finished the day with losses across the board and the S&P closed lower for the 12th time out of the last 14 trading sessions. But it you’re a “glass is half full” kinda person, it was a pretty impressive afternoon comeback!
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Here’s where the major indices ended the day:
- The S&P finished with a 0.6% loss. Down 15 points, the S&P ended at 2,741.
- The DOW ended lower by 0.5%. Dropping 126 points, the DOW closed at 25,191.
- The NASDAQ was down 0.4%. With a 31 point loss, the NASDAQ finished at 7,438.
- Bitcoin finished flat. Bitcoin ended at $6,390.
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Crude Oil (CL) ended at 2-month lows. Down 4.0%, CL finished at $66.61 a barrel.
Today 3M (MMM) was hammered after worse than expected earnings. 3M lost 4.4% after revising its profit forecasts lower for the third time this year. And it was ugly for Caterpillar (CAT) too. Caterpillar beat profit expectations but posted disappointing future guidance. The stock ended the day with a 7.6% loss.
Earnings have definitely been in the spotlight. And there a few more big names to release earnings this week, including Microsoft (MSFT), Alphabet (GOOG), and Amazon (AMZN).
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Source: RockwellTrading by Markus Heitkoetter | Original Link