Slow Monday and a short week

Markus Heitkoetter Rockwell Trading

Stocks finished the day slightly lower with traders focused on bank earnings.

After a slightly higher start, the major indices dropped in the morning. At one point the S&P was trading lower by as much as 0.4% before finding support around the 2,900 level.

In the afternoon, a small rally helped erase most of the morning losses. But the major indices couldn't quite get back into positive territory and finished the session slightly lower.

Here's where the major indices ended the day:

The S&P finished with a 0.1% loss. Down 2 points, the S&P ended at 2,906.
The DOW ended lower by 0.1%. Dropping 28 points, the DOW closed at 26,385.
The NASDAQ was down 0.1%. With an 8 point loss, the NASDAQ finished at 7,976.

Crude Oil (CL) found support around the $63 mark but ended with a loss. Down 0.7%, CL ended at $63.42 a barrel.

Goldman Sachs (GS) and Citigroup (C) were in the spotlight, and the two banks reported mixed results.

Goldman was down 3.8% after lower than expected revenue. And Citigroup lost 0.1% after a dip in their trading revenue.

Lyft (LYFT) lost another 6.3% today. Although the stock kicked off its first day of trading with a bang, the stock has been in steady decline ever since, dropping 35.8% in just over 2 weeks.

Netflix (NFLX) is set to release earnings tomorrow after the bell. The stock is down 5.1% since Disney (DIS) announced its streaming service last Thursday.

Other big names releasing earnings tomorrow include Bank of America (BAC), BlackRock (BLK), Johnson & Johnson (JNJ), United Continental (UAL), and UnitedHealth (UNH).

Markets are CLOSED on Friday for Good Friday.

Author

Markus Heitkoetter

Rockwell Trading

As founder and CEO of Rockwell Trading Services LLC., Markus Heitkoetter has shared his trading methods and ideas with more than 300,000 traders in over 196 countries.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.