The markets were mostly calm going into the weekend as the United States officially transferred power to the 45th President, Donald J. Trump. Focus was on the inauguration pomp and circumstance as history was made today. The Dow 30 was up 74, the S&P 500 added 7, and the Nasdaq 100 gained 15. Oil was strong today helping to hold the markets steady. Popular Oil ETF (USO  ) added 2% on the day as it tries to move beyond the two month range.

Going into next week the focus will be on the new President Trumps first moves as it relates to his agenda. Any Wall Street related changes, or rules could have traders scrambling to adjust positions. As for scheduled news we  are due to get some home sales numbers, unemployment, and GDP numbers as the week progresses.

Bristol Myers (BMY  ) suffered a sharp selloff today as the company announced it would not seek accelerated approval of its immunotherapy drug combination in first-line cancer. This was seen as a win for rival Merck (MRK  ) which holds the leading position in that space. Shares sold off 11.28% on the news, making new lows in the process. Shares of Merck were up 3.65% on the day.

Target (TGT  ) shares sold off sharply again today (1.97%) making new lows. This helped pull down some other retail names as this sector continues to feel the selling pressure. Shares are now off almost 20% since November with no sign of stopping. In the short term traders are optimistic of a short covering rally which may provide some temporary upside. 

Citigroup (C  ) was lower yet again today which held back the banking sector slightly. Shares fell another 0.92% today bringing the total loss for the week close to 6%. In the short term traders are looking for a small bounce but the overall trend seems challenged at this point.