Market Update for Oct 1, 2019
In today's update:
1) Stocks finish sharply lower after ISM Manufacturing slips to 47.8 in September versus 50.2 expected, the weakest reading since 2009. The Dow Jones Industrial Average dropped 343.79 or 1.28%, the S&P 500 fell 36.49 or 1.23% while the NASDAQ 100 closed lower by 90.65 or 1.13% and the Russell 2000 finished lower by 29.94 or 1.97%.
2) Crude Oil Futures closed slightly lower losing $0.12 or 0.22% while Gold Futures gained $12.30 0.84% on weakness in the U.S. dollar. The Bond market finished the day flat and the 10-Year Treasury Note settled at 1.638%.
3) Most stocks finished the day lower but shares of discount brokers Charles Schwab Corp. (SCHW), E-Trade Financial Corp. (ETFC), and Ameritrade Holdings Corp. (AMTD) fared worse than most. This after news that SCHW is eliminating commissions for online trading of stocks, ETFs, and options listed on U.S. or Canadian exchanges.
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
