The markets started with a selloff today, but as the day progressed, oil rallied and stocks were able to recover some of the days losses. The Dow 30 still finished the day down 59, while the S&P 500 closed lower by 6, and the Nasdaq 100 lost 25. The week comes to an end tomorrow with plenty of scheduled news to grab traders attention. First will be retail sales before the open, followed by consumer sentiment, and a speech by Federal Reserve chair Janet Yellen.
Wells Fargo (NYSE: WFC) was the big news of the day as the CEO, John Stumpf announced he would be retiring immediately after nearly 10 years in the drivers seat. Stumpf's departure has been predicted by many in wake of the phony account scandal that came to surface in early September and forced him to answer questions from congress. Tim Sloan, the company's president and chief operating officer, will take over for Stumpf as CEO. Shares were lower on the day by 1.26% and earnings are due out in the morning.
Delta (NYSE: DAL) finished the day up 1.88% although they announced mixed results in their earnings release. Earnings beat estimates, while revenue fell short of forecasts. Sales fell nearly 6% from a year ago. The company also said that they "expect a slight decline in margins in the fourth quarter, as savings from lower fuel prices and cost cutting are offset by declines in unit revenues".
Deutsche Bank (NYSE: DB) made its way back into the headlines today as well after reports that the struggling German lender will start a company-wide hiring freeze in an effort to cut costs and boost investor confidence. Today the stock lost 1.76%, but for they year the stock has lost nearly half its value due to ever growing concerns that it will have to pay the US Justice Department as much as $14 billion to settle the accusation involving its sale of mortgage securities before the financial crisis.