The markets were mixed today as it was a bit of a slow day for news. At least financial news. All eyes were focused on the meeting between President Trump and Vladimir Putin for the better part of the morning which left the markets flat. By the close the Dow 30 was higher by 44, the S&P 500 lost 2, and the Nasdaq 100 lost 20.
Amazon (AMZN ) was one of the focus stocks today as the company launched it's yearly Prime Day sale. Every analyst expects Amazon to have another record setting year. Last year sales were higher by 60%.
Everyone is anxious to see if this earnings season will be able to match Wall Streets high 20% growth expectations. So far 6% of the S&P 500 has reported and nearly 90% of them have beat expectations. Profits are currently showing growth of 20.1%
Sector News:
The financial sector (XLF ) continues to show it can perform better than last earnings season as it moves higher after earnings results from Bank of America. Financials have struggled this year but seem to be trying to make their move. Year to date the financials are down about 3%.
Energy (XLE ) sold off just over 1% today as oil fell 4% on the day. News that the Treasury announced they would give leeway to importers of Iranian oil despite sanctions sent prices sharply lower. Previously closer Lybian ports also officially re-opened.
Stock News:
Bank of America (BAC ) beat earnings expectations, showing a profit of $0.63 per share. Revenue came in higher than expected with loan growth, lower expenses, and lower tax rate being the driving factors. This further drives the point home that Wells Fargo (WFC ) is suffering from an image problem. Shares of BAC added almost 4% on the day, helping support the rally in financials.
Boeing (BA ) shares continued to move back towards highs today on news from the farnborough air show that DHL ordered 14 more jets for a total sales price of $14.7 billion. Shares are higher by 18% on the year but have seen steady volatility since February.
Goldman Sachs (GS ) shares higher on news that the company will officially name acting President David Solomon the next CEO. This, along with Bank of America's earnings results helped the financials today.
