The markets sold off today as North Korean headlines finally weighed on investors minds. The Dow 30 sold off 53, the S&P 500 lost 5, and the Nasdaq 100 sold off 56. Tomorrow investors will get a look at consumer confidence numbers along with a speech from Fed chairwoman, Janet Yellen. Both of which can be market movers.
Target (NYSE: TGT) made headlines today as the company announced it would be raising it's hourly wage to $11 an hour in October, up from its current level of $10 an hour. The announcement also included the promise to bring it's minimum wage to $15 an hour by the end of 2020. The CEO announced in a statement that "We've always offered market-competitive wages to our team members. With this latest commitment, we'll be providing even more meaningful pay, as well as the tools, training and support our team needs to build their skills, develop professionally and offer the service and expertise that sets Target apart." Shares were higher on the day, but market wide weakness pulled them lower by the end of the day, losing 0.73%.
Apple (NASDAQ: AAPL) sold off another 0.88% today as it was announced that the company is telling iPhone suppliers to slow deliveries of components for the iPhone X. The report from Digitimes, which wouldn't reveal it's source, said "Apple is requesting suppliers to ship only about 40% of the components originally planned for iPhone X production." Shares have been lower recently, selling off almost 10% in the last 18 trading days.
Morgan Stanley (NYSE: MS) was lower by 1.00% today as it was announced that regulatory body, FINRA has ordered the company to pay $3.25 million. The ruling also is forcing the bank to pay clients $9.78 million in restitution for inadequately supervising certain short-term trades. The trades took place between January 2012 and June 2015. The announcement ended the 9 day move higher.