Can you guess which way the markets finished today? Yes! The markets finished the day higher again as investors responded to the Fed's plan to gradually reduce its balance sheet. The Dow 30 added 73 points, while the S&P 500 hit new highs, gaining 5, and the Nasdaq 100 added 24. Tomorrow traders will look forward to unemployment claims and speeches from FOMC members. Natural gas traders will also be watching the weekly inventory reports due out in the morning.
Nvidia (NVDA ) shares had yet another good day, adding to its "rocket ship" type rally of late. Shares hit new all time highs again today after Bloomberg reported that "Softbank's tech fund amassed a $4 billion stake" in the tech company. Analysts were quick to point out that the investment puts softbank as the fourth largest shareholder. Shares are higher by over 35% in just the last 27 days.
Lowe's (LOW ) shares sold off sharply this morning after releasing their earnings for the last quarter. The home improvement chain was just the latest retail stock disappointment after announcing earnings and revenue that were below consensus. Traders also noted that same store sales were weaker than expected as well which sent shares to their lowest point in three months. Shares are still higher by 12% on the year but sentiment has been shifting bearish in recent months.
Intuit (INTU ) shares soared to new all time highs today as the software company impressed the street with their earnings announcement. First quarter earnings came in well above analysts' estimates and the company attributed its success to its partnerships with Uber and other "gig economy" related businesses. Shares are now up over 20% on the year.