The markets struggled to gain any traction today as investors focused on the retail sector. Cyber Monday was the main draw, and sent the retail sector mostly higher for the day. The Dow 30 was able to gain 24, the S&P 500 closed lower by 1, and the Nasdaq 100 was off by 10. There is plenty of news for investors to digest this week, along with ongoing tax reform and the new Federal Reserve chairman confirmations.
As Cyber Monday sweeps the U.S., shares of retailers were mostly positive. Expectations of strong sales sent investors over the moon. Amazon (NASDAQ: AMZN) was one of the most hyped names today, sending shares higher by 0.83%. Cyber Monday should be a big day for the retail giant. Shares moved to new highs once again ahead of sales reports. The stock is higher by almost 25% since reporting earnings just a few weeks ago.
Gap, Inc. (NYSE: GPS) also pushed higher on Cyber Monday hopes. Shares were up 1.28% and hit new highs as well. The stock has once again reached notable resistance, which caused a bit of selling into the highs of the day. The stock is higher by over 30% on the year, recently breaking out of a wide trading range.
JC Penney (NYSE: JCP) enjoyed a much-needed 2.45% pop on the day thanks to the expected rush of holiday sales. The stock has suffered this year, with losses totaling over 50%. Recently the bulls have tried their hand at picking the bottom which, as of now, seems to be working out.
Outside of the retail space, shares of Alkermes (NASDAQ: ALKS) traded in a wild range today as it was reported the the company was working with Biogen (NADAQ: BIIB) on a treatment for multiple sclerosis. As the news hit, shares popped about 2%, but spent the rest of the day selling off, closing lower by 1.35%.