The markets were mixed at the end of week as investors had a last-minute slew of news to digest, including the EU's investigation of Amazon (NASDAQ: AMZN), recurring Facebook (NASDAQ: FB) data privacy issues, and the SEC's attack on Tesla. This news took the focus of Washington for the time being, but investors were not willing to take risk into the weekend. The Dow 30 closed higher by only 1, the S&P 500 was flat, and the Nasdaq 100 closed higher on the day by 4.
Sector News
Oil added 1.6% today. pushing to new two-month highs as the Iranian sanctions continued to backfire against the US. Sanctions on Iran have diminished the world's oil supply, and other producers have so far been unwilling or unable to fill the gap. Many analysts have indicated that $100 a barrel for oil may be in the cards should this continue.
Banks closed the week lower, completely erasing any gains over the last six weeks. News of an antitrust suit against six of the largest banks helped hold prices down every single day this week. Banks are now trading in the red for the year.
Stock News
Tesla (NASDAQ: TSLA) was the talk of the day as shares plummeted in their worst in over five years. The SEC officially charged CEO Elon Musk with fraud, accusing him of falsely claiming that he was ready to and are looking to remove him from his role at the company. Shares fell over 10% as he was accused of making the false claim of being able to potentially take the company private. The SEC announced that they offered him the opportunity to pay a fine and relinquish his role as chairman but remain the CEO. Musk declined and now the drama begins.
Eli Lilly (NYSE: LLY) shares were higher on the day, sitting near record highs as the company received FDA approval for it's new migraine drug, Emgality. Shares are now higher by about 26% on the year.
Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM) along with others are facing an antitrust lawsuit in which they are said to have conspired to try and limit the competition in the stock lending markets. The report by reuters shows that they tried to block the lawsuit from going forward but were denied.