June 3, 2019

The S&P 500 hit an all-time high on May 1st but trade turmoil turned the month into the worst May for stocks in 9 years and we began the new month with the market trying to rally but being held back by a substantial decline in large cap tech stocks after we learned Alphabet & Facebook are the subjects of upcoming antitrust probes by the Federal government and Amazon lost ground in sympathy.  We also learned manufacturing activity in May was at the lowest level in the Trump presidency.

At the close:

  • DOW +5 to 24820
  • S&P -8 to 2744
  • NASDAQ -120 to 7333
  • OIL -.70 to 52.80
  • GOLD +21 to 1327

Stocks on the move included Boeing closing at a 6-month low after the FAA said some of their beleaguered 737 MAX jets may have faulty parts. FedEx, already down 37% in the last 12 months hit a 3 year low on news China is launching a probe of the company following accusations they may have diverted packages intended to telecom giant Huawei.