Day Traders Diary

7/16/19

The major averages took a breather today finishing in the red falling from record highs after President Donald Trump cast doubt on the trade progress between China and the U.S. Trump said the two countries have a "long way to go" on trade, adding the U.S. can slap tariffs on an additional $325 billion worth of Chinese goods. The Dow Jones Industrial Average slipped 23 points to 27,335, ending a four-day winning streak. The S&P 500 closed modestly lower along with the Nasdaq Composite.

Among the sectors, the S&P 500 energy lost 1.1% and information technology lost 0.9%. Industrials gained 0.7% while the materials rose 0.2%.

Energy stocks were pressured by lower oil prices after Secretary of State Mike Pompeo said that Iran was ready to negotiate on its missile program. The industrials sector benefited from gains in the transport stocks after JB Hunt Transport Services provided positive earnings results and an upbeat outlook for the second half of the year. The Dow Jones Transportation Average advanced 1.8%.