Market Update for July 9, 2019
In today's update:
1) Stocks closed mostly higher on Tuesday as Wall Street anxiously waits for Federal Reserve Chairman Jerome Powell's testimony. The Dow Jones Industrial Average dropped 22.65 or 0.08%, the S&P 500 added 3.68 or 0.21% while the Nasdaq 100 closed higher by 43.35 or 0.54% and the Russell 2000 finished higher by 1.20 or 0.08%.
2) Crude Oil Futures bounced $0.68 or 1.18% on supply cuts while Gold Futures dropped to a one-week low on strength in the U.S. dollar. The Bond market was flat today and the yield on the 10-year treasury note settled at 2.068%.
3) Shares of 3M Company (MMM) gapped and closed lower by $3.49 or 2.06% after RBC Capital Markets downgraded the stock to "Sector Perform" from "Outperform". The Analyst believes "3M's reputation as a defensive, high-quality industrial is eroding". MMM shares were unchanged 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
