By Markus Heitkoetter
￼Stocks ended the day mixed after recovering from early losses.
China was in the spotlight for the 2nd day in a row. After yesterday’s sell-off and trading halt, all eyes were on China after Chinese stocks continued to slide at the open.
At one point the Shanghai Composite was down more than 3% before finding support…and it sounds like “support” was helped out a bit by an infusion of cash from China’s Central Bank. If this actually was the case, it seems to have worked. The Shanghai Composite recovered and ended the day just 0.3% lower.
After rebounding overnight with global markets, stocks opened the U.S. session slightly higher.
The day wasn’t quite as eventful as yesterday, but a midday dip and afternoon rebound helped the S&P and DOW finish the day in positive territory. But the NASDAQ wasn’t quite as lucky, closing lower for the 4th consecutive day in a row.
Here’s where the U.S. indices ended the day of:
The S&P closed 0.2% higher. Up 4 points, the S&P ended at 2016.71.
The DOW finished with a 0.1% gain. Up 10 points, the DOW closed at 17158.66.
The NASDAQ ended .2% lower. With a 12 point drop, the NASDAQ ended at 4891.43.
Apple (AAPL) dropped 2.5% today in response to a report that iPhone 6 production could drop by 30% in the 1st quarter. With a close of $102.71, AAPL closed at its lowest level since October 2014.
Tomorrow we’ll have an active economic calendar. We have ADP Non-Farm Employment Change at 8:15am, Trade Balance at 8:30am ET, ISM Non-Manufacturing PMI and Factory Orders at 10:00am ET, Crude Oil Inventories at 10:30am ET, and FOMC Meeting Minutes at 2:00pm ET.