The markets tried to regain some of their recent losses today but couldn't hold onto any gains. The Dow 30 was lower by 89, the S&P 500 closed down 16, and the Nasdaq 100 lost 66 as all major indices traded in a wider back-and-forth range for most of the session.
Earnings season is underway, which means more volatility is expected overall. Analysts have expectations of earnings to grow in the S&P 500 by an average of 19 year-over-year, which may be a high bar to reach.
Retail numbers came out today showing a small uptick thanks to stronger auto sales. It was noted that consumers pulled back on eating out at restaurants as well as bars, with that category seeing the biggest decline in two years.
Sector News
Gold and Gold Miners continued their push higher today following their downtrend breakout last week. Investors continue to want to add safety to their portfolios, and with the high cost of volatility as a hedge, many are turning back to precious metals.
Transportation stocks saw a small rebound today following the last few weeks of accelerated down moves. The sector has been hit hard and technical traders find the space to be extended in the short term.
REITs were another extended sector that saw a small bounce today as interest rates continue to be volatile in the short term. Since the highs back in August, the REITs have fallen over 10%, where traders tend to find short-term support.
Stock News
Sears
Bank of America
Activision Blizzard