The markets were mixed today as the week started off with a focus on the US-China trade war deadline, as well as the potential for yet another government shutdown by the end of the week. The Dow 30 was lower on the day by 53, but the S&P 500 closed higher by 1 and the Nasdaq added 9.
Sector News
Oil sold off a little more today, pulling back into its comfort zone of the $50 - $54 range. Investors continue to respond to the rise in US drilling along with trade talks, which continue to slowly progress. For the year oil is still higher by 12%.
Much of the market sectors were mixed today with the exception of transporta, which moved to new highs on the year. Though it was a small gain on the day, the transports grabbed a little more attention than usual thanks to quietness in other sectors.
Stock News
Tesla (NASDAQ: TSLA) shares headed higher today as the company cut 150 workers at its Las Vegas vehicle delivery hub. The location had a total of 230 employees there, which represents a cut of 65%. Unhappy employees were reported as saying that this is the first sign of Tesla expecting slowing deliveries of their vehicles here in the States. The stock was upgraded at Canaccord to buy from hold and raised their price target to $450 a share from $330, suggesting almost a 50% rally over the year.
Restaurant Brands International (NYSE: QSR) shares poked to new 52-week highs today as the company announced earnings and revenue that were better than Wall Street's expectations. Comparable store sales were a focus, coming in better than expected at Tim Hortons and Burger King. The company also owns Popeyes restaurants. The move today erases all of the losses seen from the last half of 2018.
Salesforce.com (NYSE: CRM) shares moved back to highs today as the company announced new health services aimed at improving patient experience as well as improve overall outcomes. The company has enjoyed gains of nearly 20% this year so far.
Activision Blizzard (NASDAQ: ATVI) was the biggest loser in the S&P 500 today as shares broke down to new lows. The company announced plans to cut "hundreds of jobs" thanks to slowing sales overall. The report from Bloomberg pulled shares down around 8%, hitting new 52-week lows in the process.