By Markus Heitkoetter
There was a lot of action today. But it’s hard to tell just looking at today’s end of day numbers.
Trading got off to a bad start after worse than expected manufacturing data was released in China and Germany. With global markets down overnight, stocks opened the session with a gap lower.
However, positive manufacturing data in the U.S. helped spark a rally that made up for the overnight drop. Today’s ISM Manufacturing PMI report beat expectations with a 51.3 reading vs. a 50.5 forecast (readings above 50 indicate industry expansion).
A steady move higher helped lift stocks throughout the day. And in spite of a rough start, the major indices managed to finish the session in positive territory.
Here’s where the major indices ended the day:
The S&P finished with a 0.1% gain. Up 2 points, the S&P ended at 2,099.
The DOW ended flat. Adding just 3 points, the DOW closed at 17,790.
The NASDAQ was up 0.1%. With a 4 point gain, the NASDAQ finished at 4,952.
Traders are keeping a close eye on round number resistance in the S&P. The S&P hasn’t closed above 2100 since April 20th, and found resistance at this level for the 2nd straight day.
Today’s rally helped the NASDAQ close higher for the 6th consecutive day. This is the longest winning streak since February 2015.
Crude Oil (CL) mirrored the major indices throughout today’s session. After a sell-off overnight, Crude Oil’s slow steady move higher resulted in a 0.1% loss and close of $49.07 a barrel. It was a great turnaround considering that CL was down as much as 2.7% during the session!
It should be an exciting day for the economic calendar tomorrow.
Things kick off with ADP Non-Farm Employment Change at 8:15am ET followed by Unemployment Claims at 8:30am ET. Fed Member Powell speaks at 8:35am ET, and Crude Oil Inventories will be released at 11:00am ET (NOTE: Inventories are being released a day later than normal because of Monday’s holiday).