The markets traded in a wild range today, trading higher at some points and closing the day mixed. The Dow 30 was lower by 100, the S&P 500 closed lower on the day by 4, and the Nasdaq 100 closed flat on the day.
Sector News
Oil was lower yet again today and is now lower for the last 12 days, which marks the longest losing streak ever by the commodity. Losses now total more than 30% since hitting a high back in September. With the higher output from OPEC as well as Russia and others, in addition to the increased output and supply here in the US, prices continue to be under pressure. Additionally, President Trump said that OPEC should not have made the production cuts for December.
Semiconductors attempted to recover some of yesterday's declines with a rally of about 1.5%. Names like Advanced Micro Devices (AMD ) and Intel (INTC ) among others enjoyed a modest day of recovery. The semiconductors are still one of the underperformers recently, with losses of about 5% on the year.
Stock News
Amazon (AMZN ) made headlines today as the company has confirmed reports that it picked New York City and Northern Virginia as its new locations for divided headquarters. The company said they will build office space for 25,000 in the locations. They expect to spend about $5 billion to achieve this and expect to get about $2 billion in tax credits, with plans to apply for more.
Goldman Sachs (GS ) continues to see weakness as the Prime Minister of Malaysia says the bank "cheated" the country and demanded that the bank give back the fees it collected when working with one of their funds. Shares are at their lowest levels in two years and are now lower by about 20% on the year.
Boeing (BA ) shares were lower today as the Wall Street Journal reported that the company withheld information associated with hazards in the automated stall prevention system on the new 737 MAX 8 as well as the MAX 9 jets. The recent crash in Indonesia has many looking at that system as one of the reasons for the accident.
