The markets were mostly lower today as investors saw higher rates all day in a closed bond market. The Dow 30 was able to close higher on the day by 39, but the S&P 500 closed down 1, and the Nasdaq 100 closed lower by 52 as big tech stocks continued their slide.
Sector News
Semiconductors (SMH ) continued their confident push to the downside today as the sector lost almost 2%. Raymond James released a note that said the bottom is not in for the chip makers and this earnings season is likely to show more weakness overall in production.
Brazilian ETF (EWZ ) continued its sharp move higher as the market's favorite to become the new President of Brazil took a commanding lead in the polls over the weekend. The election will head to a runoff as the far-right lead candidate was unable to reach to the 50% threshold.
Volatility shot higher again today with its best 3-day performance since March. The popular fear index has been pushing higher as investors continue to move money from the overall markets, and possibly into bonds, now that it is a more attractive investment.
Stock News
General Electric (GE ) was upgraded again today as more and more analysts see new CEO Larry Culp as a breath of fresh (and profitable) air to the company as it restructures. The stock was higher today by another 2%, with Barclays upgrading the stock as well as their price target to $16. They also cited many different scenarios where the stock could rise further.
Walmart (WMT ) has partnered with MGM studios to produce exclusive content for Vudu, the streaming video-on demand service that they bought about eight years ago. The partnership is aimed at boosting viewership so they can compete more with the likes of Netflix (NFLX ) and Hulu. Shares were higher on the news.
Amazon (AMZN ) continues to strike fear in their competitors as more and more are worried that they cannot compete directly with Amazon's expanding private label business. The company has been growing that division more and more as their brands appear favorably on their website. Shares were lower on the day by about 2%.
