The markets were quietly lower on the day as trading volume was low. The Dow 30 closed lower on the day by 6, the S&P 500 was flat on the day and the Nasdaq 100 closed the day lower by just 14. Volume was about 75% today across all major indices.
Next week earnings season begins which many investors are content to wait for. Citigroup (NYSE: C) will kick us off on Monday before the open. JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) will dominate the early headlines on Tuesday as well as some reports from airlines like Delta (NYSE: DAL) and United Airlines (NYSE: UAL)
Sector News
Oil broke it's win streak today as it found resistance at the 50 day moving average. The commodity lost about 1.5% on the day breaking it's 9 day win streak where it gained over 15%.
Retail was higher today nearly recovering from all of yesterday's losses. For the week the retail sector was still able to post a gain of about 3.5%.
Stock News
Netflix (NASDAQ: NFLX) shares were higher today after UBS upgraded the stock to buy with a $410 price target. The analyst said that the stock is likely to rise as they predict subscriber numbers will grow. Raymond James also promoted the stock to clients. Technical traders note the move back to the upper end of the down trend which began back in July of last year.
Activision Blizzard (NASDAQ: ATVI) shares fell on the news that they would be ending their publishing deal with video game developer, Bungie for the Destiny franchise. They said they will not include any revenue from this franchise in 2019 as they make the transition.
PVH (NYSE: PVH) shares were higher today as the company raised their fourth quarter guidance, announced they would spend $120 million this year to restructure their Calvin Klein brand and would be closing the stores flagship store in New York City. They also noted that they expect earnings per share to come in 15 cents higher than expected.