Market Update for July 10, 2019
In today's update:
1) The S&P 500 and Nasdaq 100 hit new record highs after comments from Federal Reserve Chairman Jerome Powell left traders expecting a rate cut in July. The Dow Jones Industrial Average gained 76.71 or 0.29%, the S&P 500 added 13.44 or 0.45% while the Nasdaq 100 closed higher by 60.80 or 0.75% and the Russell 2000 finished higher by 2.46 or 0.16%.
2) Crude Oil Futures surged higher by $2.50 or 4.32% as major producers started evacuating rigs in the Gulf of Mexico ahead of an expected storm while Gold Futures spiked $19.70 or 1.41% on rate cut hopes. The Bond market traded slightly lower on Wednesday and the yield on the 10-year Treasury Note settled at 2.062%.
3) Shares of Boeing Co. (BA) have been under pressure since reaching its all-time high of $446.01 back on March 1st of this year. The company is scheduled to report earnings on July 24th, and since the 737 Max issues are likely to have a negative impact on their bottom line, this may be a great time to short the stock.
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
