Hello traders everywhere. Stocks fell Friday after President Trump suggested that a meeting with China on trade might be canceled, capping a tumultuous week driven by the trade war and emerging currency fight between the U.S. and China.
"We're not ready to make a deal, but we'll see what happens," President Trump told reporters Friday morning. "We will see whether or not China keeps our meeting in September."
The DOW slid -0.9% in midday trading on Friday losing over 200 pts. The S&P 500 dropped -1.1%, while the tech-heavy NASDAQ was down -1.4%. The indexes had been down to open the day and fell further as the president commented on trade progress.
For a weekly view the S&P 500 is down roughly -.9 for the week unable to erase the losses of the week, in fact, the DOW will lose -1.2% and the NASDAQ will lose -1% making for a tough week.
Gold and Bitcoin had great weeks posting weekly gains of +4% and +8% while crude oils struggle continued losing -1.4% on the week.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 2,728.81
- Dow (INDEX:DJI): 24,680.57
- NASDAQ (NASDAQ:COMP): 7,292.22
- U.S. Dollar (ICE:DX): 97.12
- Gold (NYMEX:GC.Q19): 1,503.50
- Crude Oil (NYMEX:CL.N19): 52.25
- Bitcoin (BITCOIN:BITSTAMPUSD): 9,111.00