Market Update for May 21, 2019
In today's update:
1) Chip stocks helped the Technology sector rebound resulting in significant gains for U.S. Equity markets after the U.S. decided to ease restrictions on Huawei Technologies. The Dow Jones Industrial Average gained 197.43 or 0.77%, the S&P 500 added 24.13 or 0.85% while the Nasdaq 100 closed higher by 83.35 or 1.08% and the Russell 2000 finished higher by 20.28 or 1.33%.
2) Crude Oil Futures were flat Tuesday while Gold Futures finished slightly lower on strength in the U.S. dollar. The Bond market also traded lower and the yield on the 10-year Treasury Note settled at 2.428%.
3) The ongoing trade war between the U.S. and China has put downward pressure on department store stocks and reporting disappointing quarterly earnings won't help. Earlier today, Kohl's (KSS) and JCPenney (JCP) reported and both stocks finished substantially lower while Nordstrom (JWN) reported after-market close and is currently lowered by $3.60 or 9.51% 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
