Markus Heitkoetter
Rockwell Trading
Stocks were all over the place today.
The major indices dropped after the open but turned on a dime just 20 minutes into the trading session. And around 11am ET, the major indices were trading at new highs of the year.
But after the S&P and NASDAQ hit highs for 2019, stocks dropped again during lunch.
There was a rally back to today's open during the last hour of the day. But another pullback in the last 15 minutes of trading left the major indices with a 0.2% loss across the board.
Here's where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 2,927.
- The DOW ended lower by 0.2%. Dropping 59 points, the DOW closed at 26,597.
- The NASDAQ was down 0.2%. With a 19 point loss, the NASDAQ finished at 8,102.
Crude Oil (CL) dropped for the first time in 3 days. Down 0.7%, CL ended at $65.83 a barrel. Today's Crude Oil Inventories showed a 5.5 million barrel increase in U.S. stockpiles compared to the 0.9 million barrel increase expected.
Earnings were mixed today.
Boeing (BA) reported worse than expected earnings but ended with a 0.4% gain. Caterpillar (CAT) reported better than expected earnings but finished with a 3.0% loss. And AT&T (T) suffered a 4.1% drop after disappointing numbers.
Tesla (TSLA) reported earnings after the bell. The company reported a bigger loss than expected and lower revenue because a tax credit that expired on January 1st is having an impact on sales. In after-hours trading Tesla us up almost 2.0%.
Facebook (FB) also reported after the bell and is up big in after-hours trading (up more than 9.0%). Facebook had a strong quarter in spite of concerns that the company might take a $3-5 billion hit because of its ongoing FTC inquiry.
Tomorrow will be another big day for earnings. Amazon (AMZN), Ford (F), and Starbucks (SBUX) are just a few of the big names set to report.
Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.
Recommended Content
Editors’ Picks
EUR/USD fluctuates near 1.0700 after US data
EUR/USD stays in a consolidation phase at around 1.0700 in the American session on Wednesday. The data from the US showed a strong increase in Durable Goods Orders, supporting the USD and making it difficult for the pair to gain traction.
USD/JPY refreshes 34-year high, attacks 155.00 as intervention risks loom
USD/JPY is renewing a multi-decade high, closing in on 155.00. Traders turn cautious on heightened risks of Japan's FX intervention. Broad US Dollar rebound aids the upside in the major. US Durable Goods data are next on tap.
Gold stays in consolidation above $2,300
Gold finds it difficult to stage a rebound midweek following Monday's sharp decline but manages to hold above $2,300. The benchmark 10-year US Treasury bond yield stays in the green above 4.6% after US data, not allowing the pair to turn north.
Worldcoin looks set for comeback despite Nvidia’s 22% crash Premium
Worldcoin price is in a better position than last week's and shows signs of a potential comeback. This development occurs amid the sharp decline in the valuation of the popular GPU manufacturer Nvidia.
Three fundamentals for the week: US GDP, BoJ and the Fed's favorite inflation gauge stand out Premium
While it is hard to predict when geopolitical news erupts, the level of tension is lower – allowing for key data to have its say. This week's US figures are set to shape the Federal Reserve's decision next week – and the Bank of Japan may struggle to halt the Yen's deterioration.