The market was lower again today but traded back into the green by the close as investors continue to watch the bond market and China mostly hold back stocks. The Dow 30 was higher on the day by 44, the S&P 500 was able to gain 5 and the Nasdaq closed the day higher by 20. Economic numbers were mostly negative though GDP numbers ticked higher to 3.1%. Wholesale inventories ticked higher which put a damper on the GDP numbers.
Investors continue to flock to the bond markets which sent yields to new lows on the year again. The 3 month remains inverted to the 10 year which, along with generally lower rates has hurt the banking stocks in the short term. The Regional Banks (NYSE: KRE) in particular have been hit the hardest and remain in a downtrend. The larger banks (NYSE: XLF) also suffered losses today that puts it near lows for the month.
Barring any last minute rally the S&P 500 has sold off all month long, giving back about 6% of the nearly 20% gains it's posted already this year. Most of the attention continues to be on the increasing tough talk out of China and their decision to hold off on buying Soy from the U.S.
As for individual stocks, Dollar Tree (NASDAQ: DLTR) and Dollar General (NYSE: DG) both reported earnings today and enjoyed strong gains off their efforts. Dollar tree saw better than expected store sales and beat on revenues. Dollar General reported a strong earnings season as well which sent shares up to new highs on the year.
PVH (NYSE: PVH) shares suffered a double digit loss today, adding to it's already strong selloff as the company lowered guidance for 2019. The parent company of Tommy Hilfiger and Calvin Klein cited the trade was as a major concern.
Tomorrow the month and week will come to a close with PMI numbers as well as earnings from one more retailer, Big Lots (NYSE: BIG) which will report before the open.