Though the markets started lower today it was a rather quiet, low volume day on Wall Street. Rumbles of reciprocating tariffs from the EU sent the markets lower on the day to start along with comments from the White House that Trump would not budge on tariffs even if the stock market falls sharply. The Dow 30 closed higher on the day by 33, the S&P 500 gained 8, and the Nasdaq 100 gained 57.
Sector News
Technology (NYSE: XLK) was your sector leader today gaining about 1%. With modest gains in the big name tech stocks today, the sector was able to move back to the highs of it's 5 day range.
Energy (NYSE: XLE) was the worst performer as the price of Oil (NYSE: USO) slowed it's rocket ship rally. Since the OPEC meeting two Fridays ago the price of oil has soared 12%.
Stock News:
Tesla (NASDAQ: TSLA) shares traded wildly today as the company announced that they hit their goal of manufacturing 5000 model 3's in the second quarter. The last car officially rolled off the assembly line in the wee hours of the third quarter but Tesla called it close enough. The stock closed lower on the day by 2.3%.
Walgreens Boots Alliance (NYSE: WBA) shares remain near lows as the latest addition to the Dow 30 was downgraded again on valuation concerns. The stock is lower by 11% in the last 8 trading days.
Wells Fargo (NYSE: WFC) was upgraded by Morgan Stanley (NYSE: MS) stating that the passing of the recent stress test eliminates one of it's major downside concerns. This may be just the news they need to break above the 200 day moving average.
Wynn Resorts (NASDAQ: WYNN) shares fell 8% today as Macau continues to be a sore spot for the casio operator. Shares are now lower by 20% in the last month.