The stock market was mixed today as investors looked at tech names like Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) as the weaker names in the group. The Dow 30 was higher by 190, the S&P 500 closed up 15, but the Nasdaq 100 closed down on the day by 28 thanks to the weakness in big tech names.
Sector News
Energy and Oil companies were the stronger sectors today as the Iranian sanctions officially began. The Oil Producers continue to move off their oversold lows along with the energy-related stocks and oil service companies.
Financial stocks were also strong today, helping to support the stock market. Technical traders will note the move back into the new downtrend, which many will see as resistance.
Stock News
Shares of Apple were lower on the day thanks to a downgrade and a report from Japan showing that iPhone XR demand is lower than expected. The Nikkei newspaper reported that Apple has told suppliers to stop preparations of additional product lines. This same newspaper reported the same thing for the last launch.
Amazon shares moved lower today on news that the company will lower its minimum purchase for non-Prime members to get free shipping. The company is also rumored to be nearing its final decision for the highly publicized HQ2 location. The company says they will make their decision by the end of the year.
Under Armour (NYSE: UA) shares continued to move higher today as the company was upgraded by Piper Jaffray. The analyst noted that they felt the forward sales are underappreciated by investors currently.