Friday was a slow news day, causing a low-volume session. Trade talks between China and the US were the main focus, leading the Dow 30 to close higher by only 11, the S&P 500 to lose 7, and the Nasdaq 100 to close lower on the day by 28.
Interest rates took a break to end the week's push higher. The 10-Year note pulled back from its record 3.1% mark hit on Thursday. Investors are mostly still concentrating on the pace of the Federal Reserve's tightening plan, as good economic numbers keep coming out, suggesting the Fed could raise rates faster than expected. This has led to investors selling treasuries in the short term.
Retail earnings continue to draw attention, with the last of the names reporting weak results. Nordstrom (NYSE: JWN) reported sales that came in below expectations, a metric which now includes both their full-price stores, as well as their online retail, like Nordstrom.com and TrunkClub. The move to combine sales numbers may have backfired as investors sold off shares to the tune of 10.90%. Technical traders will note the break below major support.
Campbell Soup (NYSE: CPB) shares fell 12.37% today as it was unexpectedly announced that CEO Denise Morrison would step down after seven years. This came as the company reported an earnings loss of $393 million for the quarter. The loss was mostly due to a charge off of $647 million for its Fresh division, which has struggled. The company also announced that it would start a complete review of its brands, including the Fresh division and recent purchase of Snyder's Lance, the makers of Cape Cod chips as well as their pretzel brand. The stock is lower by almost 30% this year alone.