By Markus Heitkoetter
Today could have been worse.
Things turned lower overnight after weak manufacturing data from China. Global markets were down on the news, and U.S. indices gapped down at the U.S. open.
Stocks continued to move lower in the early part of the U.S. session. Then an initial reaction to worse than expected ISM Manufacturing PMI data (48.2 release vs. 48.6 forecast) sent stocks to lows of the day.
But then it got better.
Although the S&P ended the day flat, traders witnessed a pretty impressive turnaround. The S&P rallied 1.4% from session lows in the morning to session highs late afternoon.
Here’s where the major indices ended the day:
The S&P finished flat. Down just 1 point, the S&P ended at 1,939.
The DOW ended 0.1% lower. Losing 17 points, the DOW closed at 16,449.
The NASDAQ increased by 0.1%. Up 6 points, the NASDAQ finished at 4,620.
Today’s big move in Crude Oil (CL) sent energy stocks lower, but CL couldn’t drag the overnight market down today. Crude Oil ended the session with a 6.0% loss at $31.62 a barrel.
There are no major reports tomorrow, but we are getting deeper into earnings season, starting with Alphabet (GOOGL) this afternoon.
And the numbers are in…
In after-hours trading Alphabet (GOOGL) surged after better than expected earnings. GOOGL was up almost 8% after the bell. This could be BIG news for the stock…if GOOGL trades at these levels tomorrow, GOOGL could become the world’s most valuable company beating out Apple (AAPL).