The markets enjoyed a strong move today as investors started the week off with a bullish taste in their mouth. Hitting new highs in the process the Dow 30 was higher by 86, the S&P 500 added 11, and the Nasdaq 100 gained 28, as it had help by some of the F.A.A.N.G. names. Tomorrow traders will get a look at building permit numbers along with new housing starts which are expected to tick higher.
Tesla (NASDAQ: TSLA) sold off 2.75% today following a downgrade from Morgan Stanley (NYSE: MS).The company downgraded the stock from overweight to equal weight stating that "increased competition from larger tech companies such as Apple (NASDAQ: AAPL), Amazon (NASDAQ: AMZN) and Alphabet (NASDAQ: GOOGL), and also points out that Model 3 deliveries could be much lower than anticipated this year and next." This is just a minor setback at this point as shares are still higher by 47% this year and remain in a strong, steady uptrend.
United Continental (NYSE: UAL) was higher by 1.82% today after making headlines when it said some of its cockpit door security procedures were mistakenly posted online. Investors took the news with a grain of salt and shares remain near highs. For the year, despite the negative airline news, shares are still higher by 7.5%.
Alphabet (NASDAQ: GOOGL) was the major news focus today as the company announced that its self-driving car unit "Waymo is teaming up with ride-hailing company Lyft on products and technology for autonomous vehicles." The spcifics were not clearly announced though investors cheered the company, buying shares up to new highs. Waymo still is in a legal battle with Uber, accusing it of stealing trade secrets.