The markets sold off yet again today as the decline continues to rapidly push to new lows. Today the markets tried to get a little rally off the lows as the Fed commented that they may reconsider rate hikes and balance sheet actions if needed and that they do listen to the markets. Despite this little rally attempt, the bulls remained in control with the Dow 30 closing lower on the day by 414, the S&P 500 losing 50, and the Nasdaq 100 closing down on the day by 195.
Sector News
Consumer discretionary was higher today mostly due to Nike and their earnings beat. Home Depot (HD ) is also a major player in this space, which enjoyed a nice gain as well. Just this week alone the consumer discretionary sector has fallen over 5%, becoming extended to the downside in the short term.
Communication services was one of the weaker areas of the markets today thanks in part to Facebook (FB ), which broke to new 52-week lows. The communications services sector has sold off nearly 20% since the start of October.
Stock News
Nike (NKE ) shares shot higher today as the company reported earnings and revenue for the previous quarter that easily beat Wall Street's expectations. The company showed that they have strong demand across the globe despite trade issues. The CEO told investors that the trade war has had no impact on their business. Technical traders will note the inability for the stock to move above the 200-day moving average despite the strong beat.
CarMax (KMX ) shares came off their lows today as the company reported earnings that beat analyst expectations. Revenue was lower, however, as was same store sales, but investors chose to focus on the 1.5% rise in overall gross profits, as well as their auto financing, which grew as well despite the higher rates.
Goldman Sachs (GS ) shares broke to new lows today as it was announced that the criminal probe in the Malaysian investment fund would be expanded. Malaysia now wants a $7.5 billion payment made by Goldman for its role in the fraud.
