Stocks Propped Up After Trump Speech

The Dow, S&P 500 and Nasdaq all captured solid weekly (and monthly) gains

Digital Content Manager
May 29, 2020 at 4:30 PM
facebook X logo linkedin

Stocks staged a rebound off their session lows today, as the Dow closed just below breakeven while the S&P 500 and Nasdaq both collected modest gains. The turnaround happened after U.S. President Donald Trump said he would take action to end special trade treatment for Hong Kong amid China's latest bill revoking much of the region's autonomy. However, striking a softer stance than many on Wall Street had feared, President Trump did not signify whether he would pull out of the phase one trade agreement, signed earlier this year. For the better part of the day, all three major indexes were swimming in red ink ahead of the heavily anticipated speech. Despite today's mostly lukewarm trading action, all three indexes clocked their second-straight weekly and monthly wins. 

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

  • Monster Energy and 24 other stocks that tend to do well next month.  
  • The "essential technology" stock getting a boost after earnings.  
  • Plus, CSCO's newest acquisition; and 2 biotechs surging on positive drug data. 

The Dow Jones Industrial Average (DJI - 25,383.11) lost 17.5 points, or 0.1% for the day, but gained a weekly win of 3.8% and a monthly win of 4.2%. Of the 30 Dow components, 16 finished higher, with Cisco Systems (CSCO) leading the charge on a 4.9% pop, while Raytheon Technologies (RTX) paced the 14 losers on a 4.1% slide. 

The S&P 500 Index (SPX - 3,044.31) ended 14.6 points, or 0.5% higher, while adding 3.1% for the week and 4.6% for the month. Meanwhile, the Nasdaq Composite (IXIC - 9,489.87) tacked on 120.9 points, or 1.3%, rounding out the week with a 1.9% weekly win and a 6.8% pop for the month. 

The Cboe Volatility Index (VIX - 27.51) shed 1.1 point, or 3.8%. For the week, Wall Street's "fear gauge" dropped 2.3%, and for the month it fell 19.4%. 

closing summary may 29 

nyse nasdaq may 29

5 Items on Our Radar Today

  1. Alphabet-owned Google just rescinded over 2,000 offers to individuals who agreed to work as contractors or temporary employees, according to a New York Times report. The search engine giant said in an email it will be "slowing our pace of hiring and investment, and are not bringing on as many new starters as we had planned at the beginning of the year." (CNBC)
  2. While a large number of Americans used their stimulus check money on what is being called "relief spending," 30% of the population is spending that money on bills, including cellphones, utilities, cable, and rent, according to a survey released this week. (MarketWatch)
  3. The blue chip getting a boost on a new billion-dollar acquisition
  4.  A look at AstraZeneca stock after the company's positive cancer drug trials. 
  5. Another big biotech stock got a lift on positive drug data today 

earnings may 29

unusual options may 29

Data courtesy of Trade-Alert

Oil Nabs Best Month on Record 

Another day of bubbling global tensions, paired with Fed Chair Jerome Powell's warnings of a possible "second wave" of coronavirus sent gold futures higher. August-delivered gold settled $23.40, or 1.4% higher to $1,751.70 per ounce, with a monthly gain of 3.4%. 

Oil futures bounced back on Friday as investors digested another drop in U.S. oil rigs potentially leading to deepening declines in production. Oil for July delivery tacked on $1.78, or 5.3% to end at $35.49. For the month it gained 88%, marking black gold's largest monthly win on record. 


Unlock Weekend Profits with Chris Prybal's Favorite Strategy Up +487.5% in 2024

With the markets going left, right, and sideways, you need to have a plan now more than ever. 

Expert Trader Chris Prybal is no stranger to volatility, and has mastered finding big stock rallies while other traders aren't looking over the weekend. Rallies that produced gains like +207% on RTX calls, +236% on MARA calls, and +238% on NET calls.

A few simple moves on Sunday at 7pm could be the “Secret Sauce” your portfolio needs to not just stay afloat, but make unprecedented gains in this turbulent market.

Don’t sit on the sidelines, beat the market with Chris Prybal's strategy. Join him now!




Rainmaker Ads CGI