The markets traded in the green yet again today ahead of the Fed meeting tomorrow. The UN speech that President Trump gave did cause a little market volatility, but by the end of the day it was back to highs once again. The Dow 30 closed higher by 39, the S&P 500 added 2, and the Nasdaq 100 gained 6. Tomorrow all eyes will be focused on the Federal Reserve in anticipation of their balance sheet unwinding that they have hinting at.
Equifax (EFX ) continues to be in the headlines today as it seems there is more bad news for the credit reporting agency. Today it was noted that the company actually had a breach of its computer systems in March, months before it previously admitted. This was according to a note from Bloomberg. The stock is still lower since the announcement of the initial hack, but finished the day higher by 0.52%.
Kohl's (KSS ) enjoyed another positive day today as news came out that they have a deal with Amazon (AMZN ) where customers that buy something on Amazon and want to return it can do so at Kohls stores. Initially the stock shot higher but after it was realized that there was nothing more in the deal for Kohls, shares sold off back towards their open. Still, shares of the retailer were positive by 1.11%, continuing a rally that started back in mid August.
Tesla (TSLA ) shares saw some weakness today to the tune of 2.57% as Jefferies initiated coverage at under-perform, telling clients that "Tesla will lose a quarter of its value." Jefferies analysts wrote in their note that the electric car maker "won't be able to scale up as quickly as anticipated". This caused them to place their 12-month price target at $280. This would mean over a 25% drop from here.