Markets traded lower today following news last night that President Trump will let the government shut down if there is no funding for the border wall. This sent the Dow 30 lower by 88, the S&P 500 down 8, and the Nasdaq 100 lower by 19. Home sales were also a negative number for the markets today as they missed their estimates. Tomorrow traders will get a look at unemployment claims and existing home sales for further information on the health of the economy.
Fiat Chrysler (NASDAQ: FCAU) shares popped to fresh new highs today when Bloomberg reported that the car company is considering trimming its operations to focus on mass-market cars. The report says that to do this Fiat may consider spinning off its Maserati and Alfa Romeo brands in an effort to boost value. According to Bloomberg, a decision may not be final until early 2018. Either way, investors cheered the idea of a more lean business and sent shares higher by 7.05%, closing near highs.
Starbucks (NASDAQ: SBUX) sold off slightly today on news that Cleveland Research Group downgraded the stock to neutral from buy. The downgrade comes in contrast to Morgan Stanley's (NYSE: MS) comments on Starbucks Tuesday. In a note to clients, Morgan Stanley analyst Brian Hayes said Starbucks "could be poised for a rebound." Shares have struggled this year, selling off over 16% from highs set back in June. Shares have also been an under performer all year long, down 2.5% for 2017.
HP, Inc. (NYSE: HPQ) will be the focus after the close today as the company will announce it's third-quarter earnings. Analysts have an optimistic outlook and are expecting earnings of 42 cents a share with revenue of $12.31 billion, a 3% increase from a year ago. In a strengthening tech market, shares have enjoyed a nice 25% gain on the year and are just off their highs.