The markets were lower today thanks to a weak session overnight in China as well as a weak jobs number here in the States. Though all of the major indices closed off their lows of the session, the Dow 30 still lost 22, the S&P 500 sold off 5, and the Nasdaq closed lower by 13, marking the worst week of the year for stocks.
Sector News
Oil was a weak spot today as global growth concerns weighed on nearly all energy-related areas. Oversupply continues to be a concern despite OPEC committing to cutting production this month. Despite the drop today, oil still remains in a technical range.
Transports continued their selloff to mark the worst week of the year. Technical traders note the pullback to the 50-day moving average as the next likely support area, which it nearly reached today.
Stock News
Big Lots (NYSE: BIG) shares soared today as the company announced earnings that came in much better than Wall Street's expectations. Earnings came in at $2.68 per share, which was $0.38 better than average analyst expectations. Revenue and store sales were also big focuses, as the company blew away expectations on both. Shares moved out of a technical base today, rapidly approaching the 200-day moving average.
Exxon Mobil (NYSE: XOM) shares were lower again today as the company was downgraded by Cowen to market perform. The analyst cited the long-term dividend commitment as a negative, stating that investors would be more interested in free cash flow in general. Earlier this week the company announced a $6.5 billion investment to grow the business.
Costco (NASDAQ: COST) shares were sharply higher today as the company reported earnings that easily beat expectations. Revenue did miss slightly, but the company said they saw increased sales as well as strong online sales. They also announced they would raise their starting pay for employees to $15 an hour from $14. That is the second time in less than 12 months the company has raised their wages.