The markets patiently waited on news from the Federal Reserve to give them reason to trade today. While there was no change in interest rates, the Fed did make positive comments about economic growth and inflation, which briefly pushed markets higher. The Dow 30 ended up lower by 175, the S&P 500 sold off 19, and the Nasdaq 100 closed lower on the day by 29.
Apple (NASDAQ: AAPL) shares popped 4.42% today, as the company reported earnings that came in better than expected. Revenue also beat expectations, putting to rest any concerns of slowing sales. Sales of the iPhone came in at $52.2 million, versus Wall Street's estimate of $52.3 million. The company also announced that they had bought back $23.5 billion worth of company stock, with another $100 billion in the works. They also plan to raise their dividend 16%. Technical traders noted the resistance level that the stock stalled at today.
Facebook (NYSE: FB) shares were higher today by 1.27% following comments from CEO Mark Zuckerberg about working their way out of the privacy scandal. Zuckerberg took time to announce its own dating service, which is designed to build "meaningful, long term relationships." Shares closed at their highest level since mid-March.
Molson Coors Brewing (NYSE: TAP) shares plummeted to new lows, losing 15.44% in the process as the company announced earnings that missed Wall Street's expectations. The company says that world wide demand is lower but this will not cause it to lower its full year projections. Shares are lower by 25% on the year.
In other earnings, Estee Lauder (NYSE: EL), CVS Health (NYSE: CVS), Clorox (NYSE: CLX), and Garmin (NASDAQ: GRMN) all reported earnings that came in better than analyst expectations.