Stocks opened the day lower with losses extending into the close as the intensified Hong Kong protest soured investor sentiment that is already aggravated by the trade dispute with China. Bond yields also spiraled lower with the 10 year Treasury falling back to the 1.65% level. At the end of the day, the major indices closed in the red across the board with very low volume:
DOW -389 at 25897
SP500 -35 at 2883
NASDAQ -95 at 7863
The 10 Year Treasury closed down 9 basis points to yield 1.64%
Oil prices trading +.42 at 54.88 a barrel
Gold prices trading +9.80 at 1518.40 an ounce
In the days’ stock news:
- Trade bellweathers Caterpillar and Boeing both fell near 2% on the day.
- Retailers, who are targeted in the latest round of China tariffs, are under pressure as Office Depot dropped 5%, while Macy’s and Nordstrom both slipped 2%.
- Another sector under pressure was the financial group. Bank stocks declined as interest rates dived. Bank of America and Goldman Sachs both dropped more than 2% while J.P. Morgan slid 1.6%.