The stock markets enjoyed a good start to the week but continue to trade in a wild and large range. This marks the 10th day of 1% or greater moves in the S&P 500 and the total gain from those moves is just about flat. The Dow 30 was higher by 48 today, the S&P 500 added 8, and the Nasdaq 100 popped 35. Tomorrow most of the focus will likely be on Facebook (NYSE: FB) as the CEO, Mark Zuckerberg is due to testify on Capitol Hill, along with late breaking news that the FBI has raided the office of President Trump's lawyer.
Facebook (NYSE: FB) was one of the main focus stocks in the media today as the CEO, Mark Zuckerberg told congress that he, personally should have done more to prevent itself and members' data from being misused. The testimony and congress' questions to him are likely to make for some TV drama for the next few days and traders will be closely watching. The stock is lower by almost 10% on the year.
General Motors (NYSE: GM) enjoyed a 0.5% positive day today as the stock was upgraded by Morgan Stanely (NYSE: MS) to overweight. The analyst cited "optimism from the company's pickup offerings", this they think will account for more than 65% of the total profits for the automaker. Shares are lower by about 7% on the year.
Retailers were some of the weak stocks today as Chinese tariffs continue to weigh on their future. Target (NYSE: TGT) shares were lower by 1.12% today as China is their largest source of merchandise. In their annual report the company said that the "imposition of additional tariffs or duties could adversely affect our business." Wal-Mart (NYSE: WMT) has publicly been reducing their exposure to China over the last few years as "lower cost of goods have become available out of Vietnam."