It was a slow news day for the markets today which meant a lot of back and forth for trading. The Dow 30 was higher by 9, the S&P 500 added 7, and the Nasdaq 100 gained 41 on the day. The financials (XLF ) and Semiconductors (SMH ) helped keep the markets in the green.
Factory orders and concerns of resignations over tariffs were the big news today. Factory orders fell 1.4%, suffering their biggest decline in six months. The labor department cited a "broad decrease in demand." Economic adviser, Gary Cohen was also a headline as it was feared that he would resign if Trump moved forward with the proposed tariffs. Trump himself even tweeted that he thought it would happen.
Target (TGT ) shares were lower by 4.5% today as the company announced their earnings. The company missed their profit estimates set by Wall Street analysts as they continue to invest in their online efforts. The company has invested over $1 billion in these efforts including delivery offerings to customers. All in an effort to compete with Amazon (AMZN ). Their online efforts have been paying off however, with 4 quarters of 25%+ in growth. The company also announced they would raise the starting wage for employees to $12 an hour this spring. Ross Stores (ROST ) is up after the close with their earnings.
McDonalds (MCD ) shares were lower again today as Credit Suisse adjusted it's rating for the second time in two days. The analyst claims they talked to a few franchisees which claimed that sales had slowed at their locations. This caused the analyst firm to lower their price target to $175 from $191. Shares are now lower by 12% in the last month.