The markets were lower today as investors weigh the benefits of buying the markets at these levels. The Dow 30 was lower by 29, the S&P 500 declined 6, and the Nasdaq 100 lost 15 today. Tomorrow investors will get a look at employment change excluding farming, along with crude oil inventories due out later in the morning.
Snap (NASDAQ: SNAP) was a big focus today as it continues to lose steam. The stock was lower by 9.80% today followed by Monday's 12% drop and now shares are below the $24 level where they opened to the public. This has led to many analysts coming out with sell ratings. Investors seem to be getting a clear picture that this company doesn't make any money but it should be noted that it still has a value of close to $28 billion.
Dick's Sporting Goods (NYSE: DKS) was in the news today as the sports retailer announced earnings that were above analysts' estimates. Even revenue was exactly what the street was expecting jumping nearly 11% from a year ago. However, investors chose to focus on the outlook going forward which the company said would be weak. Shares were lower on the news by 8.61%, and are now lower by almost 10% on the year.
Salesforce.com (NYSE: CRM) were slightly higher today after the company announced a partnership with IBM (NYSE: IBM) after the close yesterday. The two tech giants are integrating IBM's Watson with Salesforce's Einstein Artificial Intelligence. The company reported that the "combination of these two technologies aims to help companies better target products and services at customers." Shares were higher by 0.57% on the news and remain near their yearly highs.