The markets were higher again today as investors continue to feel more relaxed about the possibility of a trade war. The Dow 30 was higher by 238, the S&P added 18, and the Nasdaq 100 was higher by 34. Investors seemed to focus on tech as names like Facebook (NYSE: FB), and Amazon (NASDAQ: AMZN) popped 2.7% and 2.92% respectively.
Going forward the focus will continue to be on the potential of a trade war with China and more Washington news due out before the end of the week.
Advanced micro devices (NYSE: AMD) shares were higher by 2.5% today as analysts at Stifel Nicholas upgraded the name to buy from hold citing "attractive valuations" at these price levels. The stock has sold off almost 20% in the last few weeks which has many thinking these are good discounts in the short term. The analyst did comment that they may be early on the upgrade.
Energy (NYSE: VDE) was a big focus today as many of the top energy names were S&P 500 leaders. The energy sector has been struggling to break out of a two month range, bouncing between highs and lows right around the 200 day moving average. Names like Marathon Oil (NYSE: MRO) and Chesapeake Energy (NYSE: CHK) were some of the big leaders in the space with gains of 5.7% and 5.5% respectively.
In the Dow 30, Chevron (NYSE: CVX) was one of the leaders which further helped fuel the energy space. CVX has been stuck in a range as well, hovering above and below the 200 day movng average. Though trading volume was light many technial traders think this is the start of the push up and out of this range.