The markets were lower yet again today as investors continue to focus on the progress of the immigration ban that has caused some confusion in the short term. The Dow 30 was lower by 106, the S&P 500 was off by 2, and the Nasdaq 100 was able to gain one by the close thanks to the biotech sector (IBB ). There are two main focuses for today and tomorrow. The first is Apple which will report earnings after the close and the second is the Federal reserve rate decision due out tomorrow afternoon. Both of those will drive financial headlines for the next 24 hours.
ExxonMobil (XOM ) suffered a 1.18% decline today as the company reported earnings that missed expectations on both its top and bottom lines. Investors sold their positions as the oil giant's profit fell 40% which it attributes to the write down of the Rocky Mountain natural gas assets. One saving grace was that revenue rose for the first time in over two years to $61.02 billion. This puts shares down over 10% since making a high back just last month.
Apple (AAPL ) will be the only focus after the close today when the company will report earnings. Investors will be looking for one thing, growth. The company has been showing slowing sales in recent quarters and that will likely be a main focus. Shares are trading just off highs but offered little movement ahead of earnings today.
Coach (COH ) shot higher today by 3.81% after the company announced earnings that beat analysts' estimates. Profit was higher by 17% from a year ago driven by strong demand in China and Japan. Shares have been trading near yearly lows and continue to be in a wide range.