The markets traded mixed today as earnings and Washington news became the focus. The Dow 30 was lower by 103, the S&P 500 sold off 7 but the Nasdaq was able to close higher by 6.
Sector News
Financials were a weak spot today as the sector fell about 1%. Over the last month the banking sector has traded in a wide and sloppy range near highs. Investors have been assuming a pullback was in the cards but so far the sector remains near highs.
Consumer staples pulled back today mostly due to the response to Coca Cola's earnings. Shares of the soda company sold off over 8%. In the Consumer Discretionary ETF (XLP ), Coke is about an 11.50% weighting.
Stock News
Coca-Cola (KO ) shares had their worst one day move in nearly 10 years despite the company reporting earnings and revenue that easily beat expectations. Investors focused on the negative impact of forex which the CEO said would be a headwind moving forward. Technical traders note the gap lower pushed through the 200 day moving average.
Cisco (CSCO ) shares popped to new highs today as the company reported earnings that beat by 1 cent along with revenue that was better than Wall Street's expectations. The company showed that their cybersecurity and infrastructure software were some strong points. They also raised their dividend to $0.35 a share and added $15 billion to their share buyback program.
Apple (AAPL ) announced they would once again selling older iPhones in Germany but only phones that have the Qualcomm chips in them following the patent infringement case by Qualcomm. Shares of Apple remain an underperformer relative to the broad markets.
