The markets were mixed today as a slow news day led investors to focus on the possibility of a trade war. Names like Boeing (BA ), Caterpillar (CAT ), and United Technologies (UTX ) were all lower today thanks to the trade war concerns. This sent the Dow 30 lower by 156. The S&P 500 was mostly flat, losing 3, and the Nasdaq 100 was higher by 27 thanks to another strong day for tech stocks.
Tesla (TSLA ) shares were higher today by 5.5% as Elon Musk answered questions at South by Southwest. The CEO mentioned that he is on track to send a rocket to Mars "for short trips" by 2019, but jokingly referenced his missed deadlines in the past. Investors once again cheered the vision and lofty goals of Tesla, which seems to be turning its sights more to space exploration, rather than auto manufacturing.
Micron Technology (MU ) shares shot higher by 8.76% on the day thanks to a massive upgrade by a Wall Street Analyst. Nomura raised their price target to $100 from $55 which means an additional 80% upside potential from here. In the note, the analyst said they believe the stock is in the early stages of another major breakout. Shares are now higher by almost 50% on the year.
Shares of Netflix (NFLX ) sold off 3% today as Andrew Left of Citron Research issued a negative comment about the stock. He tweeted that Netflix "can be shorted back to $300," which caused investors to exit in the short term. While the bulls focus on the future of original content monetization, the bears feel the stock has moved too far too fast, and will likely take a break from here.