Market Update for May 7, 2019
In today's update:
1) A Late day rally failed and stocks closed significantly lower as fear of a full-scale trade war escalates. The Dow Jones Industrial Average dropped 473.39 or 1.79%, the S&P 500 fell 48.42 or 1.65% while the Nasdaq 100 closed lower by 159.53 or 1.96% and the Russell 2000 finished lower by 32.61 or 2.02%.
2) Crude Oil Futures fell another $1.02 or 1.62% while Gold Futures and the U.S. dollar finished the day flat. The Bond market moved higher and the yield on the 10-year Treasury Note dropped to 2.453%.
3) Earnings season continues with several names reporting after-market close including the first-ever quarterly earnings report from ride-sharing company Lyft Inc (LYFT). LYFT beat revenue estimates but reported a much larger-than-expected loss and is currently trading lower by $2.08 or 3.51% 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
