By Markus Heitkoetter
￼Today’s choppy session shows just how indecisive traders are right now.
In overnight trading, the E-mini S&P endured a 1.5% swing (down 1%, then up 0.5%) before opening flat. The swings continued after the open. An attempt higher in the morning was followed by a move lower going into lunch.
Trading in a 17 point range, the S&P joined the major indices and ended the day slightly lower. Today’s 17 point S&P range was the 2nd smallest since August’s dip.
After the dust settled, the S&P finished 0.2% lower. With a 4 point loss, the S&P ended the day at 1938.76.
The DOW ended the day with a 0.3% loss. Dropping 51 points, the DOW finished the day at 16279.89.
The NASDAQ ended the day with a 0.1% loss. Down just 4 points, the NASDAQ closed at 4752.74.
Crude Oil (CL) joined the major indices in the red today. CL lost 4% and finished at $44.53 a barrel. The move came after it was reported that U.S. stockpiles dropped by 1.9 million barrels in the past week.
The Volkswagen scandal received more attention today after Volkswagen’s CEO stepped down. Since it was reported that the company “cheated” on U.S. emissions tests, the stock has lost approximately 25 billion euros in market value.
Tomorrow brings us the most active day for reports this week. We have Core Durable Goods and Weekly Unemployment Claims at 8:30am ET, followed by New Home Sales at 10:00am ET. In the evening, Fed Chair Janet Yellen speaks at 5:00pm ET.