The markets were mixed today as investors awaited possible hints in Fed speeches along with developments ahead of the big G20 meeting between President Trump and Chinese President Xi.
The Dow 30 closed higher on the day by 108 despite an early drag by United Technology. Walgreens was one of the late bloomers of the day and helped push the Dow into the positive, thanks to comments from the White House about letting the pharmacy negotiate prices. The S&P 500 closed higher by 8 and the Nasdaq 100 added 1 on the day thanks to Netflix and a handful of semiconductor stocks.
Sector News
Gold was one of the weak areas today as the tariff comments yesterday by President Trump pushed the dollar back to highs. This put pressure on the precious metal along with stocks in the sector. The Metals and Mining sector (XME ) sold off over 2%, breaking to new 52-week lows in the process.
Semiconductors were positive today as the sector continues to try and work its way out of the recent selloff. Technical traders noted the stopping point today as the top of the rather steep short-term downtrend.
Stock News
United Technology (UTX ) was the biggest drag on the Dow today as the company announced it would separate itself into three different companies. It will make Otis Elevator and Carrier Air Conditioning their own standalone companies, which seems to hint at a possible sale or offering to sell those names. Shares moved to new 5-month lows on the news.
Shares of Apple (AAPL ) were under some pressure following comments from President Trump yesterday after the close that he could put tariffs on Chinese imports such as iPhones and Laptops. Shares of Apple have been under pressure for over 2 months now and remain in bear market territory.
Tesla (TSLA ) shares were slightly lower today as a report from the China Passenger Car Association showed that the company only sold 211 cars in China last month. This represents a 70% decline from sales last October. Also, comments from the White House that they could remove subsidies on electric cars as a way to pressure General Motors (GM ) weighed on the stock. Though the stock was lower today, it remains near recent highs.
