One thing is for certain... volatility is back!
After another volatile trading day, stocks finished lower (again).
President Trump blamed the recent dip on the Fed, saying that the Fed has "gone crazy" with rate hikes. But he also said that he wasn't considering firing Fed Chair Jerome Powell.
All 11 S&P 500 sectors were lower today. And with today's drop, the S&P closed below its 500-day moving average for the first time since March.
Stocks experienced a small bounce late in the session, after news that President Trump and Chinese President Xi will meet at the G-20 summit in Argentina. But bounce or no bounce, the DOW still finished the day with a 546 point loss!
Here's where the major indices ended the day:
- The S&P finished 2.1% lower. Down 57 points, the S&P ended at 2,728.
- The DOW ended with a 2.1% loss. Dropping 546 points, the DOW closed at 25,053.
- The NASDAQ was down 1.3%. With a 93 point loss, the NASDAQ finished at 7,329.
- Bitcoin finished 5.2% lower. Down $340, Bitcoin ended at $6,190.
Crude Oil (CL) was hammered today. Losing 3.1%, CL finished at $70.92 a barrel. Today's Crude Oil Inventories showed a 6.0 million increase in U.S. stockpiles compared to the 2.3 million drop expected.
Walgreens Boot Alliance (WBA) lost 2.0% after mixed earnings results.
Tomorrow traders will focus on earnings and bank stocks, with JPMorgan Chase (JPM), Citigroup (C) and Wells Fargo (WFC) unofficially kicking of Q3 earnings season.
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