August 1 ended with markets in the red as Federal Reserve news and more trade tensions held stocks back. The Dow 30 was lower by 81, the S&P 500 closed down 2, and the Nasdaq 100 added 35 thanks to Apple (NASDAQ: AAPL).
The news of possible 25% tariffs on China sent big Dow names like Caterpillar (NYSE: CAT) and 3M (NYSE: MMM) lower on the day along with a small loss in Boeing (NYSE: BA)
The Federal Reserve finished their two-day meeting today with not much new in the way of interest rates, but did comment that the economy was strong, further confirming the probability of more rate hikes.
Stock News:
Apple was the talk of the street today as the company reported earnings that came in better than expected. Revenue also came in better than anticipated thanks to a strong quarter for iPhone X sales. The stock hit new highs on the day, gaining 5%. Apple is now higher by over 12% on the year.
Cheesecake Factory (NASDAQ: CAKE) shares plummeted 12% today following their earnings release, which showed earnings lower than expected. The company also cited rising medical insurance costs as a hit to the bottom line. The drop today erased over 3 months of gains.
Pandora (NYSE: P) shares were higher today despite showing a loss. The loss was smaller than expected, which Wall Street considered a win. Shares were higher by 6% as the company said they have 6 million subscribers now with revenue higher than expected. Competitor Spotify (NASDAQ: SPOT) was lower on this news.
Garmin (NASDAQ: GRMN) shares were higher by 3.5% today as the company reported earnings that beat expectations. They cited strong sales in their wearable fitness division and outdoor electronics as the reason for the beat. The stock is higher by about 5% on the year.