Stocks Suffer Weekly Losses Amid Trade War Speculation
It was hectic on Wall Street today, as President Donald Trump stoked fears of a trade war a day after announcing tariffs on steel and aluminum imports. However, the S&P 500 and Nasdaq reversed early losses thanks to a rally in healthcare stocks. Meanwhile, the Dow managed to pare its losses after being down more than 390 points at its session low, but still extended its losing streak, due to a sharp drop from Caterpillar (CAT) stock and McDonald's (MCD) worst day since 2008. All three major indexes closed out the week in the red.
Continue reading for more on today's market, including:
Behind the longest losing streak on Wall Street.The 7-figure gamble on this casino stock.Lululemon stock is flashing a rare "buy" signal. Plus, the toy stock that could rally; an ETF that could move next week; and JinkoSolar steps up to the earnings plate.TheDow Jones Industrial Average (DJI - 24,538.06) finished down 70.9 points, or 0.3%, its fourth straight day of losses. It also shed 3% for the week. Today saw 18 Dow components close in positive territory, led by Intel's (INTC) 2.4% gain. MCD stock was the worst of the 12 decliners, dropping 4.8%.
The S&P 500 Index (SPX - 2,691.25) added 13.6 points, or 0.5%, but gave back 2% for the week, and the Nasdaq Composite (IXIC - 7,257.87) gained 77.3 points, or 1.1%, but shed 1.1% for the week.
The Cboe Volatility Index (VIX - 19.59) finished 2.9 points, or 12.8%, lower. It gained 18.8% for the week.
5 Items on Our Radar Today
AAA released a forecast for spring gas prices, with a gallon of unleaded regular gas expected to reach a national average of $2.70 by May or June. This represents a 17% increase from last year, and would mark the highest cost since spring of 2015. (CNBC)In a dose of good news, the University of Michigan's consumer sentiment index reached its second-highest point in 14 years last month, despite the stock market correction. However, the final reading of 99.7 was lower than the initial reading of 99.9, and below expectations for 100. (MarketWatch)Buy this toy stock in March, if past is prologue.This German ETF could be on the move next week.Options traders are expecting a bigger-than-usual earnings reaction for JinkoSolar (JKS).
Data courtesy of Trade-Alert
Oil and Gold Climb, But Unable to Secure Weekly Wins
April-dated crude futures rose 26 cents to end the week at at $61.25 per barrel. The 3.6% drop this week snaps a three-week winning streak, as oil was undermined both bythe possible tariffs on steel and aluminium, as well as rising crude inventories.
Gold futures for April delivery rose $18.20, or 1.4%, to close at $1,323.40 an ounce, as the risk of a trade war created a frenzied demand for the safe-haven asset. For the week, gold shed 0.5%, its second consecutive loss.