8/1/19

The Fed did lower interest rates by 25 basis points yesterday, but some were obviously looking for more as the news sent the Dow down more than 300 points but today the Dow rallied to a 300 point gain on hopes of more interest rate cuts before a tweet from President Trump, suggesting more tariffs on China, ended the buying and sent the index to a 300 point loss.

At the close:

  • DOW -280 to 26583
  • S&P -27 to 2953
  • NASDAQ -64 to 8111
  • OIL -4 to 54.50
  • GOLD +16 to 1453

In corporate news shares of Beyond Meat were 10% lower on news their secondary stock offering was priced at $160, nearly 20% below last nights close.   Shares of Qualcomm lost 2.7% despite strong earnings as the company gave a downbeat forecast for the current quarter.  Fitbit plunged 21% to an all-time low as the company struggles with massive competition.  Verizon has not participated in this year’s rally, but moved higher at the open after the company reported they added 50% more subscribers last quarter than analysts had expected.