The markets were mixed today as Wednesday's record rally has already started to lose steam. Investors questioned the value of buying at all time highs which caused the Dow 30 to close flat, the S&P 500 to gain 1, and the Nasdaq 100 to gain 9 points at the close.
Next week investors will have little scheduled news to go on, but as we get towards the end of the week it picks up. Thursday investors will surely be responding to the ECB press conference as well as unemployment claims and the unemployment rate on Friday.
Snap (SNAP ) kept investors coming back for more today after shares closed higher by 44% on their first day of trading. Today shares added 10.56% which now puts it up 58% in just two days. Analysts were quick to note that the makers of the popular messaging app Snapchat now has a market cap of more than $28 billion, which is more valuable that Twitter (TWTR ).
Costco (COST ) suffered a sharp decline today after the retailer announced an earnings report that showed earnings and revenue were less than what Wall Street estimated. Shares were lower by 4.35% as investors were not comforted by comments from Costco that it will raise fees by $5 in June for Gold-star customers and $10 for executive memberships. Fees remain Costco's main profit factor in all market environments. Despite the move today shares are still higher by 6% on the year.
Macy's (M ) shares sold off 4.39% today as news came out that negotiations between the buyer and the retail chain have stalled. It appears that the company looking to purchase Macy's is having trouble coming up with funding. Comments from Macy's said that they are "skeptical that they will be able to raise the necessary funds, and thus not currently engaged in any negotiations about a possible deal."