The markets took a slight pause today. They closed sitting near record highs, with the Nasdaq holding the major indices back. The Dow 30 closed lower on the day by just 59, the S&P 500 sold off 6, and the Nasdaq closed lower on the day by 18.
Earnings will continue to be the big focus tomorrow with the heaviest amount of names reporting. 64 names in total on the S&P 500 will report tomorrow. Investors will be focused on names like Starbucks (NASDAQ: SBUX), Amazon (NASDAQ: AMZN), Intel (NASDAQ: INTC), Ford (NYSE: F), Capital One (NYSE: COF), and more.
Sector News
Retail was one of the leaders today as the sector has now completely erased all of Monday's declines. Technical traders note the move back to the recent resistance area, where it has struggled to show a meaningful rally. Today's move gives technical traders hope that retail will be able to get back above the 200-day moving average.
Semiconductors hit yet another new high today as the company enjoyed a boost from earnings reports. Positive earnings from Texas Instruments (NYSE: TX) sent the sector higher on the day, setting new records. Qualcomm (NASDAQ: QCOM) pushing higher also gave a boost to the sector.
Stock News
Boeing (NYSE: BA) shares moved higher today as the company reported earnings which came in as expected, with revenue basically inline as well. The company decided not to give guidance for the rest of the year due to the uncertainty of the 737 Max grounding. They also announced they would temporarily halt their share buyback program to focus on current issues.
Snap, Inc (NASDAQ: SNAP) shares sold off sharply today after shooting higher by 10% after hours yesterday when they reported earnings. The company lost 10 cents, which was 2 cents better than expected. Revenue came in strong as well. The company added 4 million new daily active users last quarter, which was 100% better than expected. The company attributes some of this to the rollout of the redesigned Android app.
AT&T (NYSE: T) shares sold off today as the company reported overall revenues that were lower than expected. Earnings came in as expected and the company even reported an increase in wireless plan customers. They also reiterated their commitment to pay off about 3/4 of their debt from the Time Warner buyout by the end of the year.
Stanley Black & Decker (NYSE: SWK) shares moved back to prior highs as the company easily beat on earnings (by 31 cents) along with revenue, which beat as well. The company guided positively for 2019. The company saw growth in its tools and storage revenues to the tune of 3.5%, as they were able to raise prices.