The markets were slightly higher today as investors got a small tease from President Trump saying that the ongoing trade war could be over quickly. This helped spur a small bounce in the morning which was able to hold into the close despite an intra-day drop to flat. The Dow 30 closed the day higher 95, the S&P 500 added 3 and the Nasdaq closed the day higher by 8.
Next week starts with a holiday as the markets are closed on Monday for Memorial Day. Tuesday we get the latest consumer confidence numbers which investors will be looking closely at considering the impressive beat from last month. There will also be earnings Tuesday morning from tech company's Momo (NASDAQ: MOMO) and WorkDay (NASDAQ: WDAY).
Oil saw a small recovery today with a gain of 1.2% but came nowhere near erasing the losses seen this week. Over the week Crude has fallen over 8%, entering what many technical traders can now start to consider a new downtrend.
REIT's and Utilities hit new 52 week highs today, continuing their near week long rally. The two sectors have enjoyed the decline in long bond yields this week and continue to be rather strong sectors.
Earnings wise there were a few names that stood out today. FootLocker (NYSE: FL) shares plummeted nearly 20% on a triple whammy of lower sales, earnings, and revenue than Wall Street expected. Another retailer, Buckle (NYSE: BKE) shares also suffered a loss today as they two missed on sales and earnings expectations. Finally, Intuit (NASDAQ: INTU) shares popped on an earnings beat that was much wider than expectations. Revenue was also strong and the company raised guidance which helped fuel the rally.