November 2, 2018

The last 2 days of October and the first 2 days of November are historically the best 4 days of the year for the market and we were headed in that direction again this year with the S&P 500 +5.3% from Monday’s low and moving higher at the open today after the government reported a better than expected 250,000 new jobs were created in October.  But weakness in market bell weather, Apple and concerns about China trade sent us lower.

The Dow opened +150

At the close:

  • DOW -110 to 25271
  • S&P -17 to 2723
  • NASDAQ -77 to 7357
  • OIL -.80 to 62.80
  • GOLD -5 to 1231

In corporate news shares of Apple, a component in all of the major indices, were 6.6% lower after the company issued a strong quarterly report but disappointing guidance. Shares of Starbucks closed 9.7% higher at a nw 52 week high after a strong quarterly report with stronger than expected same store sales.  Chinese internet giant Alibaba were 2.4% lower despite a solid quarterly report, as the stock was up 15% in the last 3 days.