Market Update for May 20, 2019
In today's update:
1) Stocks closed mostly in the red today led by technology companies who started to comply with Trump's decision to Blacklist Huawei Technologies. The Dow Jones Industrial Average dropped 84.10 or 0.33%, the S&P 500 fell 19.30 or 0.67% while the Nasdaq 100 closed lower by 113.91 or 1.46% and the Russell 2000 finished lower by 10.80 or 0.70%.
2) Crude Oil Futures gained $0.42 or 0.67% after OPEC and its allies said they would maintain production cuts while Gold Futures finished the day modestly higher adding $2.00 or 0.16%. The Bond market traded slightly lower lifting the yield on the 10-year Treasury Note to 2.418%.
3) There were some big losses in the Technology sector today led mostly by chipmakers like Qualcomm (QCOM), Broadcom (AVGO), Intel (INTC), and Xilinx (XLNX) after Google (GOOGL) decided to suspend business activity with Chinese giant Huawei Technologies. Is this the end of the bull run for tech stocks or will this turn out to be another major buying opportunity?
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
