Hello traders everywhere. The FAANG stocks, Facebook, Alphabet, Amazon, Netflix, and Apple, are up between 0.2% and 3.4% on the day once again pushing the NASDAQ to a new all-time high over $7,800.00. In fact, not only is the NASDAQ posting record highs, so are Facebook, Netflix, and Amazon.
The move higher comes after the stock market was slammed on Monday and Tuesday, with the DOW erasing its year-to-date gains and presently trading lower for the year, after President Donald Trump's latest tariff threats against Chinese goods.
In other news, The 30-stock DOW is set to lose its last remaining original member, General Electric Co. (GE) The 126-year-old industrial conglomerate will be replaced by drug store retailer Walgreens Boots Alliance, Inc. (WBA) on June 26. Walgreens stock rose 5.3% on the news while GE stock has lost 1.5% after trading higher to start the day.
Key Levels To Watch This Week:
Continue reading "FAANG Stocks Push NASDAQ To Record High"
Hello traders everywhere. On Friday, President Donald Trump announced that the U.S. would impose tariffs that could impact up to $50 billion worth of Chinese goods. According to Washington, the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."
That move by President Trump prompted China to retaliate, with Beijing announcing its selection of duties on U.S. goods. The Chinese State Council's commission on tariffs and customs stated that a 25% tariff would occur in early July on $34 billion of U.S. products.
The Chinese retaliation news helped to extend the Friday losses into Monday trading with the DOW dropping over 240 pts before bouncing off the lows with the S&P 500 and NASDAQ following suit.
Crude oil has bounced back from a tough Friday gaining over 2% on that day after as OPEC is said to be discussing a smaller-than-expected output increase with Russia. All eyes will be on the Friday OPEC meeting where Russia and Saudi Arabia are set to consider increases in crude oil production.
Key Events To Watch For This Week
Continue reading "US - China Trade Tensions Linger"
Hello traders everywhere. The stock market dropped Friday after the Trump administration announced its China tariffs saying it will impose a 25% charge on up to $50 billion in Chinese goods. On that news the DOW dropped over 200pts, the S&P 500 dropped 0.4% as tech and industrials fell and the NASDAQ has backed off its all-time highs to shed 0.35%.
In a statement Friday, President Donald Trump said the measures would affect Chinese goods "that contain industrially significant technologies," without specifying those products. He added that the action comes "in light of China's theft of intellectual property and technology and its other unfair trade practices."
Trump also said the U.S. would impose more tariffs on Chinese goods if China retaliates with duties of its own on American products. This left many traders to wonder if we are officially in a "Trade War" with China now.
Key Levels To Watch Next Week:
Continue reading "China Tariffs Stop Stock Markets Momentum"
Hello traders everywhere. The likes of Netflix Inc. (NFLX) and Time Warner Inc. (TWX) have propelled the NASDAQ (COMP) to record highs today hitting $7,748.96 in morning trading. Move higher comes after a federal judge approved the blockbuster merger between AT&T and Time Warner on Tuesday, blocking the government's effort to stop the $85.4 billion deal. This decision could unleash a wave of corporate takeovers.
The judge, Richard J. Leon of United States District Court in Washington, said the Justice Department had not proved that the telecom company's acquisition of Time Warner would lead to fewer choices for consumers and higher prices for television and internet services.
The merger would create a media and telecommunications powerhouse, reshaping the landscape of those industries. The combined company would have a library that includes HBO's hit "Game of Thrones" and channels like CNN, along with vast distribution reach through wireless and satellite television services across the country.
On the other side, the S&P 500 and DOW are relatively unchanged on the day awaiting the announcement of the Federal Reserves interest rate hike decision at 2 pm EDT today. It's expected that Fed Chair Jerome Powell and his colleagues will announce a quarter-point increase in interest rates as the central bank seeks to normalize monetary policy with the economy showing signs of health. Continue reading "NASDAQ Hits Record High On Judges Ruling"
Hello traders everywhere. The CME Bitcoin real-time index dropped over 10% on Sunday giving many cryptocurrency traders a Sunday surprise. The index traded as low as $6,643.58 before finally closing the day at $6,781.18. It's the first time since early April that Bitcoin has traded below the $7,000 level. However, it shouldn't come as a surprise after it's been trapped in a tight trading range between $7,000 and $7,800 since about mid-May.
Media reports will have you believe that the price drop is due to a hack on the South Korean exchange Coinrail, which was revealed Sunday, and renewed concerns regarding security at cryptocurrency exchanges. However, a significant move was expected anyway, as an extended period of consolidation or low volatility is often followed by a sharp move on either side and prices started falling Saturday, so the theft of ERC-20 tokens at a minor exchange seems an unlikely cause.
Events To Keep In Mind This Week
Continue reading "Bitcoin Delivers Sunday Surprise"