There were two concerns for the markets today that helped push stocks lower. The Fed meeting which is scheduled for tomorrow, and the pending Presidential Election due next week. This helped push the Dow 30 down 105, the S&P 500 lower by 14, and the Nasdaq 100 down 35. Going into tomorrow the focus will remain on the Federal Reserve rate announcement in the afternoon.
Coach (NYSE: COH) shares had a nice 2.20% positive day today as the luxury brand announced earnings that matched analysts' estimates, while revenue fell slightly short of expectations for its first quarter ending October 1. This comes as the company scaled back on promotions and limited the amount of products it supplies to department stores in an effort to revive demand.
Today, Yum brands officially spun off its Chinese business into Yum China (NASDAQ: YUMC) Yum brands has been eager to spin off the Chinese brands and investors cheered the event today. Shares of the new Yum China closed higher by 8.04% in its debut.
Royal Dutch Shell (NASDAQ: RDS/A) gapped higher today after the company announced earnings. The earnings results showed that the oil company swung back to a profit in the third quarter as it "adapted to the drop in oil prices by slashing spending." However, Shell said that lower "oil prices continue to be a significant challenge across the business, and the outlook remains uncertain." Shares were able to finish the days at session highs, gaining 4.74%.