The markets were lower today as early economic reports came in lower than expected. Durable goods orders came in light and a decline in existing home sales overshadowed the initial jobless claims number, which came in at 216,000 versus the 225,000 expected. The Dow sold off 103 on the day, while the S&P 500 sold off 9 and the Nasdaq closed lower by 29.
Investors have been focused on stock-specific news lately while the China-US trade deal details are still being worked out.
Sector News
Oil pulled back today for the first time in 6 days as US oil inventories continue to increase. Last week produced a surplus of 3.6 million barrels and this week ticked higher at 3.7 million. OPEC cuts in March along with Venezuela and Iranian sanctions have caused investors to speculate on higher prices.
Utilities were a bright spot in the markets today as the sector made yet another move towards highs. Since hitting a low back in December, the sector has rallied double digits and has nearly erased all of the recent losses.
Stock News
Nike (NYSE: NKE) shares were lower on the day after a video showed a Duke basketball player getting injured after his Nike shoe failed during a game. The company said this is an isolated incident and promised to review its manufacturing process. Though shares were lower on the day, the company has still enjoyed a double digit gain on the year.
Domino's Pizza (NYSE: DPZ) shares fell sharply today as the company reported earnings that came in 7 cents short of expectations, along with revenue that was also missed forecasts. The company showed that sales were lower than expected as well. The only bright spot for investors was their announcement of an 18% increase in their dividend, which is now $0.65 a share. Today's move lower brings shares almost back to even for the year.
Footlocker (NYSE: FL) broke to new highs today as the company announced a $1.2 billion share buyback along with raising their dividend to $0.38 cents, a 10% increase. Shares are now higher by about 15% on the year.