Day Traders Diary
The major averages rebounded today on hopes that a trade deal with Chinese can come sooner than later. For the week, the Dow Jones Industrial Average dropped 0.7% posting its fifth consecutive weekly decline, its longest streak since 2011. The S&P 500 and Nasdaq Composite fell a third straight week of losses, the longest streak for the year. Crude prices dropped 6.6% this week as trade worries spilled over to other markets. Investors also loaded up on Treasuries this week. The 10-year Treasury note yield fell to its lowest level since October 2017.
Energy and tech were the worst-performing sectors for the week. The energy sector fell 3.4% while tech lost 2.8%. Within the tech space, chipmakers led the decline falling 5.6%. Qualcomm and Broadcom both dropped over 10% for the week. Apple fell 5% on the week as investors raised concerns above demand out of China due to trade tensions.
On the M&A front, Total System is rumored to be nearing a deal to be acquired by Global Payments in a $20 billion all-stock transaction.
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