The markets saw more volatility today as news came out that Trump's chief strategist, Steve Bannon would be replaced. The Dow 30 was lower by 76, the S&P 500 was lower by only 4 thanks to support from a strong day in oil, and the Nasdaq 100 lost 5. Next week will be an important one as traders will continue to question the S&P 500 which broke its 8 month long uptrend Thursday. Also there is very little in the way of scheduled economic numbers so expect Washington news to have more impact on the day to day markets.
Deere (DE ) suffered a loss of 5.38% today on new that the company had missed analysts expectations on equipment sales. Though the company announced a beat on earnings, the equipment miss was enough to get traders to exit their positions. Equipment operations came in at $6.83 billion which was an increase of 17% from a year ago but it was still short of Wall Streets $6.9 billion expectations. The move today erases almost three months of gains, though shares are still higher by 13% on the year.
Foot Locker's (FL ) announced earnings which showed profit and revenue were way lower than Wall Street's expectations. Shares sold off 27.95% today after the company announced earnings of 62 cents a share on revenue of $1.701 billion. The problem was that Wall Street analysts were mostly expecting earnings to come in at 90 cents and sales at $1.8 billion. Further fueling the decline, the company reported same-store sales fell 6% from a year ago.
Alibaba (BABA ) shares shot up to new highs today, adding 2.186% in the process. The company reported earnings that showed a 56% increase in revenue which was "driven by strength in core e-commerce business." Shares of the company are now higher by a whopping 90% on the year, and trading just off their all time highs.