Markus Heitkoetter
Rockwell Trading
News from China was moving the markets today. But this time it wasn’t trade news.
It was news of the coronavirus in China that was moving the markets. The virus has killed 6 people and the CDC confirmed the first U.S. case.
Stocks opened lower and then bounced back. And during lunch stocks were trading at session highs.
But a slide in the afternoon brought the major indices back to session lows, and stocks ended the day with a loss.
Today’s drop brought the DOW’s 5-day winning streak to an end.
Here’s where the major indices ended the day:
- The S&P finished with a 0.3% loss. Down 9 points, the S&P ended at 3,321.
- The DOW ended lower by 0.5%. Down 152 points, the DOW closed at 29,196.
- The NASDAQ was down 0.2%. With a 19 point loss, the NASDAQ finished at 9,370.
Crude Oil (CL) bounced off of $58 but still finished the day with a loss. Down 0.4%, CL ended the session at $58.33 a barrel.
Boeing (BA) was down again today, after news that the company doesn’t expect regulators to sign off on the 737 Max until the middle of the year. This is months later than expected. Boeing ended the day with a 3.3% loss.
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
USD/JPY jumps above 156.00 on BoJ's steady policy
USD/JPY has come under intense buying pressure, surging past 156.00 after the Bank of Japan kept the key rate unchanged but tweaked its policy statement. The BoJ maintained its fiscal year 2024 and 2025 core inflation forecasts, disappointing the Japanese Yen buyers.
AUD/USD consolidates gains above 0.6500 after Australian PPI data
AUD/USD is consolidating gains above 0.6500 in Asian trading on Friday. The pair capitalizes on an annual increase in Australian PPI data. Meanwhile, a softer US Dollar and improving market mood also underpin the Aussie ahead of the US PCE inflation data.
Gold price flatlines as traders look to US PCE Price Index for some meaningful impetus
Gold price lacks any firm intraday direction and is influenced by a combination of diverging forces. The weaker US GDP print and a rise in US inflation benefit the metal amid subdued USD demand. Hawkish Fed expectations cap the upside as traders await the release of the US PCE Price Index.
Stripe looks to bring back crypto payments as stablecoin market cap hits all-time high
Stripe announced on Thursday that it would add support for USDC stablecoin, as the stablecoin market exploded in March, according to reports by Cryptocompare.
US economy: Slower growth with stronger inflation
The US Dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.