The markets traded back and forth today, oscillating from positive to negative as investors await the results of the G20 meeting between President Trump and Chinese President Xi. The Dow 30 closed the day lower by 27, which ended the 3-day win streak. The S&P 500 sold off 6, and the Nasdaq 100 closed down on the day by 18.
Sector News
Oil traded in a volatile range today, ultimately reversing its early declines and closing higher on the day as reports surfaced that Russia would lean towards an output cut. Yesterday OPEC released a statement that they would be willing to consider a cut in production but would not "do it alone." Oil is still down nearly 50% from its 52-week high.
Home Builders were one of the weak areas of the market today as well as this year. Today, the pending home sales numbers came in less then expected, which put pressure on the entire sector. The home builders were one of the original leaders of this market's downside move, which began nearly one month ahead of the market decline.
Stock News
Disney (DIS ) shares enjoyed their third straight day of gains today, pushing back to 52-week highs. The company raised their semi-annual dividend by 4 cents to $0.88. CEO Bob Iger stated that this was due to continued growth and higher profitability. Shares have been rather stable given the market selloff that started back in October.
Abercrombie & Fitch (ANF ) shares popped double digits today as the company easily beat earnings expectations along with announcing comp store sales higher by 3%. This was nearly twice what Wall Street had expected.
Facebook (FB ) shares were slightly higher today despite the news that the company was considering charging companies for access to their user data. Earlier this year, CEO Mark Zuckerberg was quoted as saying "we don't sell data." Shares have been underperforming since the news broke of the Cambridge Analytica breach.
Dollar Tree (DLTR ) shares were higher today on an earnings beat. The company reported earnings higher than expected, though they did guide weaker for the current quarter as well as report some disappointing sales numbers. Shares have been hovering near 52-week lows since late August.
