The markets took a hit today following news that the US has dropped the first ever "MOAB" on Afghanistan. The move held pressure on the markets all day long causing the Dow 30 to lose 135, the S&P 500 to lose 15, and the Nasdaq 100 to sell off 31. Earnings were also a big focus today as a few banks announced better than expected results. Tomorrow is a bank holiday in the states and the US markets will be closed. Trading will resume Monday, April 17th as normal.
Tesla (NASDAQ: TSLA) shares ended higher today after some smart alec comments from CEO Elon Musk. The visionary CEO said to a group of investors that urged the electric car maker to add two independent directors to its board that they should "go buy stock in Ford (NYSE: F) instead." His exact tweet read "This investor group should buy Ford stock. Their governance is amazing." Investors cheered the move and shares remain higher by over 43% on the year.
Citigroup (NYSE: C) shares were lower today despite the company announcing earnings that beat estimates on both the top and bottom lines. Quarterly profits were higher by 17% from a year ago, driven by "higher revenue and the lower cost of credit." Revenue increased 3% to $18.1 billion, topping analyst estimates of $17.8 billion. But investors were bearish on the sector today as almost all banking stocks sold off.
JPMorgan Chase (NYSE: JPM) also reported a good earnings report today but shares sold off as well. The bank reported profits and revenue which beat Wall Street expectations. Earnings per share were $1.65 which beat estimates of $1.52. Revenue was reported to be $25.6 billion. Revenues from investment banking jumped 34% year over year to $1.65 billion on an increase in debt and equity underwriting activity.