The markets started the day a little lower as investors looked for more specifics on the trade truce and negotiations taking place. Around noon, the S&P 500 saw an accelerated, risk-off trade come in, which helped speed the decline. By the end of the day the Dow 30 closed lower by 767, the S&P 500 sold off 90, and the Nasdaq 100 closed down 283. Tomorrow the US markets will be closed in observance of former President Bush's funeral.
Sector News
Oil was higher again today as investors are still expecting a cut in production later this week by OPEC. The Saudi minister made comments that it was still "premature" to assume they would cut oil production, which did temporarily slow the bulls on the day.
The banking stocks were once again an underperformer as they sold off around 4% on the day. The banking stocks have barely participated in the recent runup in the market and have underperformed for the year. Investors' desire to sell the sector today hints at possible new lows.
Gold mining stocks saw another leg higher as investors looked towards the precious metal play for safety. As the markets showed increased signs of weakness, the gold miners along with the price of gold saw a bid.
Stock News
Toll Brothers (NYSE: TOL) shares sold off today despite the company reporting earnings and revenue that were better than expected. Investors focused once again on the overall orders which continue to decline as interest rates and higher home prices slow the overall housing market.
Restoration Hardware (NYSE: HD) shares enjoyed a very strong day today as the high-end retailer announced earnings and revenue were much better than expected. The company said the only thing that held them back was tariff-related delays on their furniture. Shares are now higher by over 60% this year alone.
Dollar General (NYSE: DG) shares were lower today despite the company reporting earnings and revenue that came in better than expected. Shares sold off on the day as the company reduced their full-year outlook stating that they had greater than expected expenses and expect this to continue going forward.