07/08/2019

Stocks declined today with every major index finishing in negative territory. In economic news, jobs increased by 224,000 in June vs 165,000 expected, while the unemployment rate increased slightly from 3.6% to 3.7%.

 

Here’s a look at how the major indices finished the day:

Dow Jones Industrial -115 at 26,806

S&P 500 -14 at 2,976

NASDAQ -63 at 8,098

 

The 10 Year Treasury closed down 1 basis point yielding 2.03%

Oil prices closed down $0.02 ending at $57.49 a barrel

Gold prices closed down $4 ending at $1,396 an ounce

 

In the days’ stock news:

  • Deutsche Bank shares sank 6% with news that the German bank will cut 18,000 jobs by 2022 in a massive reconstructing effort to improve profitability
  • Apple was downgraded at Rosenblatt Securities, with the firm citing Apple will face a fundamental deterioration over the next 6 to 12 months as iPhone sales disappoint and sales growth from other products slow down. Apple’s stock closed down 2%
  • CrowdStrike Holdings received positive ratings from several analysts gave the stock positive ratings, citing that CrowdStrike is a dominant force in endpoint security and one of the premiere native cloud security platforms
  • Best Buy was initiated a buy rating and a price target of $80 per share at Guggenheim. The analyst said Best Buy has a stable core addressable market, as well as a healthy and improving return profile