Market Update for May 2, 2019
In today's update:
1) Stocks were under pressure early Thursday morning and rallied in afternoon trading but finished the day mostly lower ahead of the Employment Situation report tomorrow. The Dow Jones Industrial Average dropped 122.35 or 0.46%, the S&P 500 fell 6.21 or 0.21% while the Nasdaq 100 closed lower by 12.87 or 0.16% and the Russell 2000 finished higher by 6.27 or 0.40%.
2) Crude Oil Futures plunged losing another $1.96 or 3.08% on rising U.S. Crude stockpiles while Gold Futures gapped and closed lower by $12.10 or 0.94% after a strong rally in the U.S. dollar. The Bond market finished the day lower and the yield on the 10-year Treasury Note settled at 2.546%.
3) From a jobs report to the Fed decision on rate hikes and now an even more important jobs report. It's been a roller-coaster week for Equities and the ride heading into the weekend may get even more volatile. Tomorrow morning at 8:30 a.m. ET the Employment Situation report will be released and it could rattle Equity markets. Keep an eye on the Equity Futures before market open.
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
