The markets closed out the quarter on a positive note as the comments of productive trade talks between the US and China continue to leak out of Washington. This time it was the Treasury Secretary who commented that they've been holding "productive" talks on some of the more pressing issues that have been sticking points previously. The Dow closed the day higher by 211, the S&P 500 added 18, and the Nasdaq closed the day higher by 60.
Sector News
Semiconductors (NYSE: SMH) were one of the stronger areas of the markets on Friday thanks to a broad-based rally off the 20-period moving average. Technical traders have remained skeptical of the SMH, ultimately holding the moving average.
Transports (NYSE: IYT) continued to try to prove their strength as the sector seeks to move out of the congested resistance area and the 200-day moving average. Though the rally was more broad-based, the rails continued to show their support for the sector.
Stock News
Lyft (NASDAQ: LYFT) was the big focus as they launched their IPO. The company had raised their price range up to $70 -$72 and then up to $72. Shares began trading on the Nasdaq on Friday 20% higher than this level with an opening price of $87.24, which gives the company a valuation of $25 billion despite their massive losses. By the day's close, more than 70 million shares changed hands, which is more than twice the 32.5 million initially offered.
Carmax (NYSE: KMX) shares enjoyed a strong day as the company reported earnings that came in 9 cents better than expected. Revenue did come in light, but overall store sales were higher by 2.8% year over year. Technical traders noted the move back into the 200-day moving average, which is where it stalled.
Restoration Hardware (NYSE: RH) shares sold off sharply on Friday despite the company reporting earnings that were better than expected. Revenue came in lower than expected and the company says it overshot earnings forecasts for 2019. They cited negative trends in the high-end housing market, which the retailer is heavily dependent on.