The markets traded mostly lower today as earnings and continued selling pressure held back the bulls. The Dow 30 was lower by 126 thanks to weakness in energy and financials. The S&P 500 sold off 11, but the Nasdaq 100 closed the day higher, adding 19, led by the Chinese tech names that got a strong boost from gains in the Chinese stock market.
Sector News
Banking stocks were one of the weaker areas of the markets today as the financials continue to struggle at lows. The bank stocks have sold off almost 5% just this month and continue to trade below the 200-day moving average.
Oil and energy stocks sold off today as Saudi Arabia pledges to ramp up production ahead of the Iranian sanctions from the US. Production is set to be boosted to 11 million barrels per day and they commented that they could go as high as 12 million.
Stock News
Shares of Halliburton (HAL ) sold off 3% despite the company reporting earnings that beat analyst expectations. Revenue was also slightly higher than expected, but the company said that capacity constraints and "customer budget exhaustion" had a small impact on results and only expects that to be a temporary issue. Investors felt otherwise, pushing shares near lows of the year.
Hasbro (HAS ) shares sold off sharply today as the company reported earnings that missed expectations. The company also reported revenue that was lower than expected which they blamed on the closing of Toys "R" Us. They also stated that the Sears bankruptcy would not have a material impact on their performance going forward.
Ebay (EBAY ) shares hit new yearly lows today as the company was downgraded by Bank of America (BAC ) following last week's conference call, during which PayPal said that Ebay revenue was lower along with transaction volume. Shares are now lower on the year by 25%.
