Market Update for February 7, 2019
In Today's Update:
1) Stocks closed significantly lower again today after news that the much-anticipated meeting between President Trump and Chinese president Xi Jinping will not happen ahead of the March 1st deadline. The Dow Jones Industrial Average dropped 220.77 or 0.87%, the S&P 500 fell 25.56 or 0.94% while the Nasdaq 100 closed lower by 86.93 or 1.18% and the Russell 2000 finished lower by 12.40 or o.82%.
2) Concern over trade between the U.S. and China is also negatively affecting the price of oil. U.S. Crude Oil Futures dropped $1.40 or 2.60% while Gold Futures recovered from earlier losses but still closed lower by $0.80 or 0.06%. The Bond market closed higher dropping the yield on the 10-year treasury note to 2.655%.
3) Sears Holdings (SHLDQ) gets another shot at success after Chairman Eddie Lampert's deal to buy the company for $5.2 billion was approved by a U.S. bankruptcy court and will save 45,000 jobs. In other news, Mattel (MAT) reported better-than-expected earnings and is currently trading higher by $2.20 per share or 17.80% in the after-hours trading session.
About the author
Vince Vora is the head trader at TradingWins.com. Over the last three decades, he has been trading and refining his trading systems that are based on technical analysis and price action. Over the last few years, his focus has been on teaching people how to become better traders. His systems range from simple to sophisticated and can be used in any market conditions to trade stocks, options, futures and forex. By: TradingWins Team
