Futures are pointing to a weak opening for the S&P 500 Index (SPY) and the NASDAQ Composite Index (QQQ). Over the weekend, US Attorney General William Barr released a summary of the probe by Special Counsel Robert Mueller.
The summary said of Mueller’s report, “[T]he investigation did not establish that members of the Trump Campaign conspired or coordinated with the Russian government in its election interference activities.”
After the summary was submitted, US President Donald Trump tweeted, “No Collusion, No Obstruction, Complete and Total EXONERATION. KEEP AMERICA GREAT!” The probe’s findings are seen as a win for the president, who has been scrutinized regarding alleged ties with Russia. Meanwhile, the president has cited market returns and a strong economy several times. Earlier this year, Trump tweeted, “You want to see a Stock Market Crash, Impeach Trump.”
However, despite Trump getting major relief from the Mueller report, the markets look set to open lower today preceded by a sharp fall on March 22. Apple (AAPL), Amazon (AMZN), Facebook (FB), Alphabet (GOOG), General Electric (GE), NVIDIA (NVDA), and Advanced Micro Devices (AMD) fell 2.0%, 3.0%, 1.1%, 2.1%, 2.8, 3.5%, and 5.4%, respectively, on March 22.
While the Mueller probe removes some political uncertainty, it does little to change the harsh economic reality. As James Carville said during Bill Clinton’s 1992 campaign, “It’s the economy, stupid.”
NextEra Energy stock rose 1.4%, while American Electric Power rose 1.6% last week. Dominion Energy and PPL were among the top losses.
After opening on a bearish note on Wednesday, Tesla (TSLA) was trading with 4.8% losses for the day, near $195.25 at 1:16 PM ET.
With voting conducted in seven phases panning six weeks, India’s (EPI) elections have been a grand affair—to say the least. Tomorrow is the day of the results.
Qualcomm (QCOM) stock fell more than 10% in the first half of trading on May 22 after it lost its licensing lawsuit with the US FTC (Federal Trade Commission).
Apple (AAPL) suffered a setback recently when the US Supreme Court allowed an antitrust lawsuit against the company to proceed.
Today doesn’t seem to be a good day for electric vehicle companies. Earlier today, NIO stock hit an all-time low of $4.00.
The cannabis sector has been struggling to find direction on May 22, with cannabis stocks trading on a largely mixed note in the first half.