The markets traded in a back and forth range today as investors continue to digest the fluid movement of trade news. Today comments from the White House along with a tweet from the President helped calm investors as they said China indicated they want to make a deal. China's only response to that headline was that they would retaliate should tariffs be increased on Friday. This left investors in wait and see mode
The Dow ultimately closed slightly higher on the day with a gain of 2. The S&P 500 lost 4 and the Nasdaq closed in the red by 20 points.
Sector News
Individual sectors were fairly quiet today with many areas just posting a small gain on the day. Oil and oil related stocks were some of the better performers, as the oil inventory reports showed a reduction of 4 million barrels here in the States. This helped support the price of oil, which has been pulling back over the last few weeks.
For the most part it seems that investors are now sitting anxiously, waiting for more trade news to come out on Friday.
Stock News
Lyft (NASDAQ: LYFT) shares sold off to lows today as the company announced it lost a whopping $1.1 billion. While revenues came in better than expected, the company guided for more losses on the year. The one bright spot was they did say this would be the "peak year of losses" in an effort to comfort investors concerned about such a large operating loss. Uber (NYSE: UBER) is set to go public on Friday and has indicated they will price at the midpoint of their $44 - $50 range. This would put their valuation at about $85 billion, but investors will have to deal with their losses mounting as well. Yesterday the company reported its latest numbers, which showed losses growing and revenue slowing. As of now the IPO is oversubscribed.
Electronic Arts (NYSE: EA) shares traded in a wild range today as the company reported earnings that beat by about 30 cents, along with stronger than expected revenue. Investors also got the coveted "third beat" when the company announced positive guidance for this quarter as well as the full year.
TripAdvisor (NASDAQ: TRIP) shares sold off to new lows on the year despite beating on earnings by 5 cents. Investors focused on revenue, which missed expectations, and comments from the company that they have seen a slowdown in revenue growth from the "non-hotel" areas of their business.