Stocks were lower today, giving up a large part of the gains from yesterday’s rebound.
Trade concerns were in the spotlight again, after the White House announced that steel and aluminum tariff exemptions will expire for the European Union, Canada and Mexico. This will put a 25% tariff on aluminum imports and 10% tariff on steel imports.
The S&P and the DOW suffered decent losses (the DOW was down 1.0%) today. But the NASDAQ didn’t look too bad, down just 0.3%, after getting some help from companies like Facebook (FB – up 2.2%) and Alphabet (GOOG – up 1.6%).
Looking at the month of May, stocks did well.
The S&P finished the month with a 2.2% gain, the DOW was up 1.1%, and the NASDAQ added 5.3%. This was the 2nd best month of the year for stocks (following January).
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Here’s where the major indices ended the day:
- The S&P finished with 0.7% loss. Down 19 points, the S&P ended at 2,705.
- The DOW ended 1.0% lower. Dropping 252 points, the DOW closed at 24,416.
- The NASDAQ was down 0.3%. With a 19 point loss, the NASDAQ finished at 7,443.
- Bitcoin ended 2.7% higher. Adding $195, Bitcoin is trading at $7,530.
Crude Oil (CL) dropped again today. Down 1.8%, CL ended at $66.97 a barrel.
Today General Motors (GM) got a nice boost after news that Softbank will invest $2.25 billion into GM’s self-driving car division.
Caterpillar (CAT) was one of the biggest losers after today’s tariff news. CAT finished the day with a 2.3% loss.
Looking at tomorrow, we have a big day for news with all eyes on the May Jobs Report.
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Source: RockwellTrading by Markus Heitkoetter | Original Link