The markets were higher to start the day today following a rally in Europe overnight, buy shortly after lunch the markets sold off, erasing the day's gains as investors began to position ahead of the Fed rate announcement tomorrow. The Dow 30 closed lower by 14, the S&P 500 closed flat, and the Nasdaq added 9 on the day. The Russell 2000 grabbed the most attention as it sold off about 0.70%.
Sector News
Semiconductors continued to push to new highs today as the sector enjoyed another broad based rally. Over just the last 10 days the sector has rallied off lows to the tune of 9% and currently sits at highs of the year.
Consumer discretionary was also a good area of the market today. Though there were many names that offered support in the sector today, a notable name was Ford (F ) which announced that they would boost production of SUV's by 20% this summer. The sector is just about 5% from all time highs as of today.
Stock News
Boeing (BA ) remains the dominant headline today as the fallout continues. China has considered removing the 737 max from any trade deal, and Canadian officials say they are re-examining the approval of the 737 in their country. The CEO released a video update which explained what they are doing to get planes off the ground which seemed to satisfy investors for now.
Tesla (TSLA ) shares started the day with another drop as the drama between the CEO, Elon Musk and the SEC continues. The SEC maintains that they now know Musk did not get pre-approval for any tweet as per their settlement agreement. The SEC continues to ask a federal judge to hold the CEO in contempt. Shares moved a touch higher today as the company tweeted that they would delay the price increase by one day thanks to "unusual demand."
Netflix (NFLX ) CEO says that their streaming service will not be participating in any service that Apple may launch in the coming days. The CEO stated that they want customers to view their content on their own service. Shares remain in a tightening base near highs for the year.
