The markets sold off a little more to start the week as tech stocks weighed on the overall market. The Dow 30 was lower by 16, the S&P 500 closed the day flat and the Nasdaq 100 closed down 17 on the day.
Goldman Sachs (GS ) was your worst performer in the Dow as banks continue to selloff following earnings. The "FANG" stocks helped pull the Nasdaq 100 lower on the day, with Amazon (AMZN ), and Netflix (NFLX ) being the worst performers.
The 10 year treasury note yield reached the 3% mark for the first time since 2014 today which further flattens out the yield curve. This has many concerned of a pending recession, and was a focus on financial media today.
Merck (MRK ) shares were higher by 2.40% today, leading the Dow 30. Shares neared a three month high following a double upgrade from Goldman Sachs. The analyst upgraded the stock to Conviction buy thanks to the progress and success of their lung cancer drug, Keytruda. Goldman now has a price target of $73, up from $63 due to their assumptions that Keytruda will be a "$16 billion asset by 2025."
In other news, Alaska Air (ALK ) shares added 5.70% despite missing revenue numbers as overall profit came in higher than expected. Hasbro (HAS ) earnings came up short but investors bought the dip, closing shares higher by 4%. Halliburton (HAL ) announced mixed earnings but shares remained near the high end of the recent range.
As for earnings, this will be the busiest week of earnings season with over 170 names in the S&P 500 reporting by the end of the week. Facebook (FB ), Amazon (AMZN ), and Alphabet (GOOGL ) are some of the names that will likely dominate this weeks, earnings headlines.
