Though the outlook for today didn't initially look good, markets ended higher today. The Dow 30 was higher by 40 thanks to Disney (DIS ) breaking to new highs, adding nearly 2%. The S&P 500 gained 10 thanks to strong moves in Advanced Micro Devices (AMD ) as well as Facebook (FB ). The Nasdaq 100 climbed 47 with the help of T-Mobile (TMUS ) and Facebook.
Earnings continues to support the markets, stopping investors from responding to trade news and other negative headlines. Over 80% of companies have reported earnings that beat expectations, nearly breaking a 10-year record. Earnings growth is currently sitting at 24%, with Wall Street expecting 20%.
Stock News:
Cardinal Health (CAH ) reported earnings today which were better than anticipated. Revenue was also better, which gave shares a little boost. The only negative which may have hurt today's performance was profits in pharmaceutical sales, which declined a bit thanks to generic sales. Shares are still lower on the year by about 20%.
Tyson Foods (TSN ) got a much needed boost today, gaining 3% as the company reported earnings that came in better than expected. Overall profits were higher thanks to a decline in their cattle costs. Technical traders looked to participate in the falling knife trade as share prices have been rapidly falling.
Facebook (FB ) shares were higher by 4% today as the company reported that they are working with banks to gain access to user's financial information for their Messenger app, with the goal of allowing financial transactions to take place in the app.