The markets traded in a mostly sideways range today as investors had a slew of political and economic news to digest. The Trump/Kim nuclear summit took place today, along with Fed Chair Powell finishing his remarks and the Michael Cohen testimony, so investors had plenty to focus on. The Dow closed lower on the day by 72, the S&P 500 lost 1, and the Nasdaq closed higher on the day by 5.
Sector News
Oil prices popped higher today as nearly every Oil analyst was off on their prediction of another increase in US stockpiles. Weekly inventory reports showed that US stockpiles fell by a whopping 8.6 million barrels last week. The move in oil today officially erased all of Monday's decline.
REITs continued their pullback today, breaking through the 20-day moving average for the first time this year as investors seem to be content with their trading profits so far. REITs have been one of the standout sectors this week, with a sharp 12% rally off lows.
Stock News
Best Buy (BBY ) shares blasted off today as the company reported earnings that came in much better than expected ($2.72 vs. $2.57), along with revenue that was better than hoped. Same-store sales were also a big beat, up 3% where only 2% was expected. The company also guided positive for the 2019 year and offered a 5 cent increase in their dividend. Shares blasted off back above their 200-day moving average for the first time since November.
Lowe's (LOW ) shares were also higher on the day thanks to a beat on earnings. The company did see revenue that was just a touch lower than expected along with same-store sales, which ticked lower. The stock has been higher this year, slightly outperforming rival Home Depot (HD ).
Campbell's Soup (CPB ) shares got a boost off lows today as the company reported earnings that were better than expected by 7 cents along with a beat on revenue. The company continues to see anemic organic sales and a decline in overall profit margins. Today's move higher puts shares back at break even for the year.
