The markets were higher today as earnings season came to an end and the markets focused back on the Fed and geopolitical news. The Fed released their minutes from the last meeting. The minutes showed that they plan to stop their balance sheet reduction by the end of the year. In political news, it was reported that EU tariffs could be the next step if no deal is made. This created a bit of volatility.
Still, the markets ultimately finished mixed on the day. The Dow 30 closed higher by 64, the S&P 500 closed higher by 4, and then Nasdaq closed higher on the day by 2.
Sector News
Crude oil was strong again today as investors continued to see confirmation out of OPEC that they will cut as planned. The US sanctions on Iran and Venezuela are also decreasing global supply, which has helped support prices to the tune of about 24% gains on the year.
Semiconductors enjoyed a strong day thanks in part to some of the bigger names in the sector. Broadcom (NASDAQ: AVGO) hit new highs, and Taiwan Semiconductor (NYSE: TSM) broke above the 200-day moving average for the first time since October.
Stock News
Garmin (NASDAQ: GRMN) shares were sharply higher today, hitting new peaks in the process as the company reported earnings that came in far better than expected ($1.02 vs. $0.80), revenue that was above expectations, and raised their guidance going forward. The stock is now higher by about 30% on the year.
CVS Health (NYSE: CVS) shares sold off sharply today as the company reported earnings that were better than expected, but still came short on revenue. The company also announced full year guidance that was lower than expected, blaming its long-term care business. The news sent shares back to 3-month lows.
Tesla (NASDAQ: TSLA) shares traded a little lower today as the company lost its top lawyer just two months after the post was filmed. Turnover continues at the company, fueling investor concern. In other Tesla news, the company is planning to offer a leasing option for its Model 3.