The markets were mixed today, with the Dow 30 hitting a new record high again. Optimism that trade issues will and can be resolved sent investors back to the large cap names like Boeing (BA ) and others. The Dow 30 closed higher on the day by 122, but the S&P 500 closed down 1, and the Nasdaq 100 finished lower by 37.
Sector News
Utilities was one of the leading sectors in the S&P 500 today as they continued to recover from the Fed rate announcement declines. The sector as a whole has now recovered more than half of that decline thanks to a pullback in interest rates.
Semiconductors (SMH ) were a big mover today thanks to positive gains in names like Intel (INTC ) and Micron (MU ). Some shorter-term analysts are under the assumption that money will begin to rotate from the over-performers like Advanced Micro Devices (AMD ) and into the more "discounted" names.
Stock News
Tesla (TSLA ) was back in the news today as shares fell over 1% on production numbers. The company delivered 83,500 vehicles in the third quarter, which was more than expected. Investors focused on the Model 3 numbers, which came in at an average of 4000 vehicles a week, short of the 5000 vehicles a week Musk has been pushing for.
Facebook (FB ) shares were lower again today as investors come to terms with the idea that this latest data breach that affected over 50 million accounts could cost the company $1.63 billion in fines by the EU if they find that they broke privacy laws. Shares have been under pressure since the Cambridge Analytica debacle and are now lower on the year by about 8%.
PayPal (PYPL ) shares sold off again today as an analyst at Bernstein reiterated her views that Venmo is not likely to be a "Game Changer" for the company and that the expectations for monetization are a 3- to 5-year opportunity. Venmo currently loses money.
