The markets sold off today, completely reversing course from yesterday's move to highs. The Dow sold off 460 points on the day. The S&P 500 closed lower by 54, the Nasdaq finished down 196, and the Russell 2000 was the worst performer with a loss of 3.38%.
Sector News
Utilities (XLU ) broke to new highs today following yesterday's push back. The Federal Reserve's positioning to leave rates unchanged this year has been a major tailwind for the sector as well as other interest rate-sensitive areas of the market this week.
Regional banks (KRE ) along with the large banking centers (XLF ) broke to their lowest levels of the week as the selling pressure from the Fed decision continued. Just this week alone the regional banks sold off over 10%.
Stock News
Nike (NKE ) shares sold off today despite the company reporting earnings which were 3 cents better than expected along with revenue that was basically as expected. Investors focused on sales that came in light along with the company warning of slowing sales in the current quarter. Technical traders note the support of the 50-day moving average holding price today.
Boeing (BA ) shares sold off today as it was announced that an Indonesian airline was looking to cancel their order of almost 50 737 Max jets. This overshadowed the news that new software for the series will be tested by American Airlines pilots on simulators this weekend. Shares moved to new lows but still remain above the 200-day moving average.
BestBuy (BBY ) shares traded higher initially today on an upgrade to outperform from Oppenheimer. The analyst firm cited improved sales across the brand as well as stronger earnings ahead for the company.
Tiffany (TIF ) shares were higher on the day as the company reported earnings that were better than expected. Revenue came in light as well as store sales, which fell more than expected.
