Stocks were all over the place last week.
The NASDAQ led the major indices and was also the most volatile – flip-flopping between wins and losses throughout the week.
It was interesting to see that the major indices weren’t trading in harmony throughout the week (ending days mixed with both gains and losses). But the S&P looked pretty strong, closing higher every day and ending the week with a 5-day win streak.
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Here’s what traders were focused on last week:
- Trade – Earlier in the week it sounded like talks with China were back on the table after the White House reached out to China. But a tweet from President Trump on Thursday, saying the U.S. is under no pressure to reach an agreement (but China is), followed by a Bloomberg report saying the President has instructed aides to move forward with another $200 billion in tariffs on Chinese goods, left traders scratching their heads.
- Hurricane Florence – The U.S. kept a close eye on the hurricane throughout the week. Although the storm is still dangerous and expected to cause extensive damage, the storm dropped from a Category 4 storm to Category 1 as it made landfall. This helped some companies with exposure to the region (like insurers).
- Apple (AAPL) – The biggest company in the world (by market cap). unveiled 3 new iPhones and a new Apple watch on Wednesday. The stock dropped the day of the release, rallied on Thursday, then finished lower on Friday. At the end of the week Apple was 1.2% higher, but 2.5% away from its record high set earlier in September.
Here’s where the major indices ended the week:
- The S&P finished 1.2% higher. Up 33 points, the S&P ended at 2,905.
- The DOW ended with a 0.9% gain. Adding 238 points, the DOW closed at 26,155.
- The NASDAQ was up 1.4%. Higher by 108 points, the NASDAQ finished at 8,010.
- Bitcoin added 1.6%. Up $100, Bitcoin ended at $6,535.
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Crude Oil (CL) with Hurricane Florence threatening the east cost and oil supply, Crude Oil closed at its highest level in 2 months on Wednesday. But CL pulled back as ths storms intensity weakened. And CL finished higher by just 1.7%, at $68.91 a barrel.
In earnings news, Adobe Systems (ADBE) rallied to record highs after better than expected earnings. Adobe finished Friday higher by 2.3%. And it was all fun and games for Dave & Buster’s (PLAY) on Friday. The stock finished higher by 7.9% after an earnings beat.
Travelers Companies (TRV) was up 0.9% on Friday too, ending at highs of the week. The insurer bounced back from multi-week lows after Hurricane Florence was downgraded.
Source: RockwellTrading by Markus Heitkoetter | Original Link