The markets sold off a little today after yesterday's big move. Tax reform concerns were blamed for the weakness which sent the Dow 30 lower by 100, the S&P 500 off 6, and the Nasdaq 100 sold off 10. Next week prior to the Thanksgiving break traders will get a look at remaining earnings, and existing home sales though scheduled news is typically very light for the holiday.
Tesla (NASDAQ: TSLA) was one of the big focus stocks today as the CEO finally unveiled its Semi truck with huge fanfare. The truck is stated to have 400 miles of range with only 30 minutes of charging. Another interesting note was that it says it can do 0-60 miles per hour in only 5 seconds, or 20 seconds while pulling 80,000 pounds of cargo. Production is scheduled for 2019, but analysts were quick to note that nowhere in the announcement or unveiling was the actual price of this new truck. Reservations for the truck can be made for $5000 but no final cost was announced. Major transportation company J.B. Hunt (NASDAQ: JBHT) announced that it has reserved multiple semis and will be testing them on the West Coast. Wal-Mart (NYSE: WMT) also plans to test the new truck as well. Shares shot higher on the news but finished the day only up 0.82%.
Nike (NYSE: NKE) was higher today by 3.42% as they announced a new partnership with Foot Locker (NYSE: FL). The marketing partnership will allow Nike to offer a pop up store with special selections offered. The stock has been higher since making a low back in October and is approaching prior highs, which technical traders will be watching closely. Foot Locker shares also benefited greatly from the announcement with a 28.23% gain on the day.
Ross (NASDAQ: ROST) shares popped 9.99% today after announcing earnings that beat the streets expectations. Both earnings and revenue came in above projections and the company announced that it would be raising guidance for the current quarter. The retailer had been trending higher since the last earnings report and today's move sends shares to new highs on the year.