Markets Flounder Ahead of Tariff Deadline

The U.S. and China are attempting to strike a deal on trade

Lillian Currens
May 9, 2019 at 4:32 PM
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The Dow pared some of its earlier losses, but still ended well below breakeven, as traders brace for a possible tariff increase on $200 billion in Chinese goods. President Donald Trump earlier said that China "broke the deal" and will pay, but later said it's still possible Washington and Beijing could strike a deal ahead of the midnight deadline. Meanwhile, Intel (INTC) only added to the Dow's woes, and sell-offs from tariff-sensitive chip stocks also weighed on the Nasdaq and S&P, both of which wrapped up a fourth straight loss. 

Continue reading for more on today's market, including:

The Dow Jones Industrial Average (DJI - 25,828.36) lost about 139 points, or 0.5%, in today's trading. Nine of the 30 stocks finished higher, with Chevron CVX) in the lead on a 3.1% surge, while Intel spent its second day at the bottom with a 5.3% drop. 

The S&P 500 Index (SPX - 2,870.72) fell 8.7 points, or 0.3%, by the close, while the Nasdaq Composite (IXIC - 7,910.59) ended 32.7 points, or 0.4%, lower. 

The Cboe Volatility Index (VIX - 19.10) finished 0.3 point, or 1.5%, lower, after reaching a four-month intraday high of 23.38 earlier. 

Closing Indexes Summary May 9

NYSE and Nasdaq Stats May 9

5 Items on our Radar Today

  1. Senator Bernie Sanders and Rep. Alexandria Ocasio-Cortez just announced their new plan to limit credit card interest rates to 15%, compared to the national average of 17.73%. The measure comes amid Senator Sanders' bid in the 2020 Democratic presidential primary. (CNBC)
  2. Amid the recent measles outbreak, Instagram will begin blocking hashtags with false anti-vaccine rhetoric. The social media platform is following in the footsteps of peers like Pinterest and Amazon. (The Verge)
  3. How Schaeffer's subscribers doubled their money on this EOG trade
  4. Ralph Lauren stock scored a bull note ahead of earnings.  
  5. Why analysts think this small-cap stock could triple. 

Corporate Earnings May 9

Unusual Options Activity May 9

Data courtesy of Trade-Alert

Oil Ends Lower Amid Trade Anxieties

Anxieties over the global economy dampened oil prices today, raising uncertainties over future demand. June-dated crude dropped 42 cents, or 0.7%, to land at $61.70 a barrel.

Traders looked to gold amid a shaky trading day for equities. As such, June-dated gold rose $3.80, or 0.3%, to finish at $1,285.20 an ounce.


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