The stock market closed the week mixed after a volatile series of days. The Dow 30 closed higher on the day by 64 thanks mostly to Procter & Gamble (NYSE: PG). The S&P 500 closed lower by 1 and the Nasdaq 100 lost 36 on the day.
Next week the focus will certainly be on earnings as the number of companies reporting starts to pick up.
Sector News
Oil was slightly higher on the day as a new report suggested that OPEC and their allies are struggling to fully deliver the oil output that they promised in previous meetings. The increase in Saudi Arabia was offset by declines in Iran, Venezuela, and Angola. For the week Oil still remains near lows.
Consumer staples stocks were the leading sector today as many of the names in this space saw modest gains. As the economic strength becomes more and more of a question, investors have been sliding money over to this sector for it's historical, cyclical defense against weaker economies.
Stock News
PayPal (NASDAQ: PYPL) shares enjoyed a healthy bounce today as the company reported earnings and revenue that came in higher than expected. They announced 17 billion in total transactional volume on their app Venmo, along with a 15% increase in total active accounts and an expanded partnership with American Express (NYSE: AXP).
American Express (NYSE: AXP) shares were higher on the day as they reported earnings that showed a profit for the quarter of $1.88 per share. Revenue was higher than expected as well thanks to the strong consumer using up that credit card.
Tesla (NASDAQ: TSLA) shares sold off back towards the $250 support area today as the company announced a lower priced Model 3. The $45,000 version of the sedan will have a battery with total range of 260 miles. Investors were not impressed with the new announcement.