The markets sold off hard today thanks to weakness in China overnight as well as disappointing earnings here in the States. The Dow 30 was lower by 125, the S&P 500 sold off 15 breaking through uptrend support, and the Nasdaq 100 also sold off on the day with a loss of 31.
Sector News
Semiconductors and Tech were once again one of the hardest-hit areas of the markets as investors continue their risk-off approach in the tech space. Earnings from the big players in the space are due up after the close today as well as into next week.
Oil was one of the big losers today as yesterday's report of higher production from Saudi Arabia was confirmed today. The country said they would play a "responsible role" in the energy markets, which at this point means an increase in production.
Stock News
United Technologies (NYSE: UTX) shares were higher today following a beat on earnings and revenue for the previous quarter. The company raised its full-year guidance thanks to strong increases in the sales of aircraft parts as the plane builders rapidly build more aircraft. The company did say they expect to see higher costs in 2019 thanks to tariffs.
Caterpillar (NYSE: CAT) shares sold off today after reporting earnings and revenue that mostly beat expectations. The negative on the day was that the company did not raise its 2018 forecast again, which continues to have analysts fearful of a company slowdown. Shares have sold off over 25% since the beginning of October.
Harley Davidson (NYSE: HOG) shares sold off to new lows today as the company reported earnings that mostly beat Wall Street's expectations. Stronger European sales were one of the driving factors behind the beat, but the company did not raise its full-year forecast. They did comment that they expect to see about $48 million in total costs from the trade war in 2018. They said they spent more on raw materials and expect that to continue.