The markets pushed higher today with the Nasdaq hitting new, record highs in the process. Once again, only a handful of names supported the rally. The Dow 30 was higher by 57, the S&P 500 added 11 and the Nasdaq 100 closed at record highs, adding 49.
Sector News:
Financials (XLF ) were once again higher but were unable to to close above the much focused on 200 day moving average. Earnings from regional banks as well as Goldman Sachs held the space back today.
Emerging markets (EEM ) continue to stage their comeback after hitting a low just a few weeks ago. Down over 8% on the year the EEM seems to have slowed it's push lower for now.
Consumer staples (XLP ) continues it's sneaky push higher and is approaching the all important 200 day moving average. Many traders expect that a close above this will further fuel the recent rally, though at a faster pace.
Stock News:
Netflix (NFLX ) was one of the main media focus stocks today as the company reported earnings after the close yesterday. The company missed expectations on their subscriber numbers. Though they did report a profit of 85 cents per share, investors were focused only on the subscriber numbers and forward guidance. Shares were lower by 5% today but traded just off the uptrending support line.
Goldman Sachs (GS ) was the latest bank to report earnings. The company posted a profit of $5.98 per share which was much higher than the $4.66 expected. The company said that their returns for the first half of the year were the strongest they've been in 9 years. Despite this, investors continue to be weary of investing in the underperforming stock.
Amazon (AMZN ) shares were higher by 1.5% today as Prime day(s) gets back under way. The company had issues with the website on Monday which Amazon says has been mostly resolved. Prime day will continue until 3 am ET on Wednesday.
Microsoft (MSFT ) hit a new high today as the company reached a deal with Wal-Mart (WMT ) for a greater use of their cloud and artificial intelligence products to try and make shopping faster and easier for their customers. Walmart shares were slightly higher on the day as well.
