The markets traded in volatile range again today as investors digested the tech-related earnings announcements as well as comments from the Fed that the markets are doing a "very normal thing here." The Dow 30 was lower by 298, the S&P 500 sold off 47, and the Nasdaq 100 closed lower on the day by 151 as investors felt no need to put on risk into the weekend.
Sector News
Home builders continue to come off their bottoms as investors eye the decline as a possible buying opportunity. Most of the major names in the space were higher on the day but still very much in a downtrend.
Consumer discretionary sector was lower today mostly on the heels of Amazon and their decline following earnings. With many of the discretionary stocks taking a small hit in this market, the space has lost over 10% from their highs.
Stock News
Snap, Inc. (SNAP ) shares broke to new lows today, losing over 10% as the company reported earnings that came in better than expected but still showed a loss. The company also reported a decline in daily active users and indicated that the trend could continue. Add that to the heavy cash burn and many feel that they will need to raise more money in the near future.
Amazon (AMZN ) shares were lower by about 8% today as the company reported earnings which showed lower revenue than expected. The company also did not raise guidance for the all important holiday quarter as they will be paying $15 minimum wages and have increased costs and vulnerabilities in their package delivery systems.
Intel (INTC ) shares were higher today as the company reported a glowing earnings quarter. The company announced revenue that was nearly $1 billion higher than analysts expected, which caused the company to raise full-year guidance. The CEO said he expects next year to be a record year for the company.
