The markets closed mixed again thanks to continued fallout at Boeing. The Dow 30 closed the day lower by 96, but the S&P 500 added 8 and the Nasdaq closed higher by 32. In Brexit news, the latest deal was rejected once again, leaving more confusion and concern from investors.
Sector News
Industrials were weighed down today as Boeing continued to see weakness following the Ethiopian crash two days ago. Technical traders noted the bounce off the 200-day moving average yesterday, but with Boeing having nearly a 10% weight in the sector, it was hard to see any real momentum from yesterday's move.
The big tech area of the market (NYSE: XLK) hit new highs for the year today as investors continue to focus on large tech this week. Apple (NASDAQ: AAPL) was a major player in the sector today as the company was upgraded yesterday and also announced a special event on March 25th at which they're expected to launch more services-based offerings.
Stock News
Dick's Sporting Goods (NYSE: DKS) shares were sharply lower today despite the company reporting earnings that were mostly in line with expectations. Investors chose to focus on slowing sales which were highlighted by last month's weak retail report, along with the announcement that the company would stop selling hunting rifles and accessories at 125 stores. The company also guided lower than Wall Street's expectations for 2019.
Boeing (NYSE: BA) shares suffered another weak day today as the company was downgraded by Edward Jones along with more countries grounding the Max 8 aircraft and the US mandating design changes. The downgrade cited the possibility of a delay of orders following the recent crashes.
Stitch Fix (NASDAQ: SFIX) shares soared today as the company announced earnings that more than beat expectations ($0.12 vs $0.05). Revenue was also higher than expected and the company guided higher for the current year. Current active clients, which is a popular metric followed by investors, saw an 18% increase to 2.96 million. Gross margins also saw a small uptick to 44.1%