The markets were higher yet again today as positive earnings from Walmart and Cisco put a nice cap on a wild earnings season. The Dow 30 closed higher by 215, the S&P 500 added 25 and the Nasdaq added 75. The S&P 500 and the Nasdaq have now officially erased the weeks losses.
Sector News
Semiconductors were weak today as the U.S. moved ahead with a ban on Huawei. Sector is one of the few that have not erased this weeks losses.
Oil finally moved out of a choppy, two week range today as reports showed that Saudi Arabia launched air strikes against Iran in retaliation for drone attackes on Saudi oil stations earlier in the week. The commodity had it's first 3 day win streak of the month as it moves off the 200 day moving average.
Transports popped back above the 200 day moving average today and has now fully recovered Monday's losses, turning positive for the week.
Consumer staples broke to new 52-week highs today and now has gains of over 15% on the year.
Home Builders were higher on the day thanks to favorable housing econ. numbers as well as an upgrade of KB Homes.
Stock News
Walmart (NYSE: WMT) shares were higher today thanks to a positive earnings report. The company beat on earnings by 11 cents. Revenue came in less than expected but was blamed on global currency issues which investors were willing to overlook thanks to store sales which grew by 3.4%. Shares are about 3% from hitting new highs.
Cisco (NASDAQ: CSCO) shares were sharply higher today after reporting earnings that beat expectations by a whopping 77 cents. The company also reported earnings that were better than expected and guided higher for the current quarter despite the trade war issues at hand. Today alone shares have almost erased the entire month of May's declines.
PG&E (NYSE: PCG) shares were back in focus today as California state investigators officially determined that power lines owned by the company were the cause of last years fire that killed 85 people. Shares were largely unchanged on the report.