Stocks End Higher as S&P, Nasdaq Test Key Trendline Support

GDP edged past analysts' expectations, but trade uncertainties weigh heavy over Wall Street

Digital Content Manager
May 30, 2019 at 4:33 PM
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It was a choppy session for U.S. stocks today, as the Dow erased early gains around midday to turn lower alongside the 10-year Treasury yield -- which is drawing closer to parity with its 2-year counterpart, and raising alarms about a possible yield curve inversion. This development, paired with rising tensions in the U.S.-China trade war, offset this morning's GDP data; despite a downward revision, first-quarter growth of 3.1% edged past Wall Street's expectations. Stocks eventually rallied back to claw out a positive finish, but the major equity benchmarks remain well on pace to record their first monthly declines of 2019.

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

The Dow Jones Industrial Average (DJI - 25,169.88) gained 43.5 points, or 0.2%, in today's trading. McDonald's (MCD) led the 20 winners with a 1.6% gain, while Verizon (VZ) was the biggest blue-chip loser, down 2.3% after UBS cut its rating on the stock to "neutral."

The S&P 500 Index (SPX - 2,788.86) rose 5.8 points, or 0.2%, after finding a foothold at its 200-day moving average on an intraday basis. The Nasdaq Composite (IXIC - 7,567.72) also bounced from its 200-day trendline to tack on 20.4 points, or 0.3%.

The Cboe Volatility Index (VIX - 17.30) inched 0.6 point, or 3.4%, lower today.

Closing Indexes Summary May 30

NYSE and Nasdaq Stats May 30

5 Items on our Radar Today

  1. Notoriously volatile cryptocurrency Bitcoin made a major comeback from its recent rout this month, up nearly 68% since the beginning of May. Analysts say the rally, which rocketed Bitcoin north of $9,000 today, may have been due to Chinese investors hedging bets on a weakening yuan as troubling global and economic trade news continued to kick up dust. (CNBC)
  2. Popular e-cigarette brand Juul may be opening several retail stores, according to sources. The stores, the first of which would open in Texas, would sell tobacco, mint and menthol flavors and cater only to those over 21. (Reuters)
  3. The news that sent heavily shorted Canadian Solar stock gapping higher. 
  4. Why Barclays just trimmed Tesla's price target.
  5. Morgan Stanley doesn't see much upside for Constellation stock

Corporate Earnings May 30

Unusual Options Activity May 30

Data courtesy of Trade-Alert

Oil Hits Lowest Close In Months; Gold Notches Two-Week High

July-dated oil futures dipped $2.22, or 3.8%, to end at $56.59 a barrel, marking its lowest close in over two months. The slide followed a record increase in crude production and a smaller-than-expected drop in stockpiles.

Gold futures finished higher again today, notching a two-week peak as the yellow metal continued to serve as a "safe haven" commodity amid simmering market tensions. Gold for August delivery gained $6.10, or 0.5%, to finish at $1,292.40 an ounce.



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