The markets were lower to start the week, with tech stocks and trade news pulling prices down. In an interview with CNBC, Larry Kudlow said that Trump was not happy with Chinese trade talks and an announcement of $200 billion in tariffs would be coming after the close. This sent the Dow 30 lower by 92, the S&P 500 down 16, and the Nasdaq 100 down 114 on the day.
Sector News
Gold mining stocks were the leaders today as the sector continues to try and pull itself from lows. The countertrend traders moved more into the sector today after seeing a significant bounce on volume last week.
Transports were the weakest sector of the day as investors hit the sell button ahead of the earnings report from FedEx (NYSE: FDX) after the close. Technical traders will note the transports are still very much in a nice uptrend since July.
Stock News
Amazon (NASDAQ: AMZN) shares were lower on the day as the company announced it was investigating data leaks and bribes that might have given an unfair advantage to merchants selling their products on Amazon. An analyst from Citi also said that they should consider splitting the retail side of business from the AWS business to avoid regulatory scrutiny. Shares fell below the 20-day moving average for the first time in over a month.
Bed Bath & Beyond (NASDAQ: BBBY) shares were higher by almost 7% today after financial services firm Raymond James upgraded the company. The analyst cited an improved consumer environment, which should help fuel sales growth. This was just the boost the stock needed, as shares have hovered near lows all year long.
Lululemon (NASDAQ: LULU) shares briefly pushed to new highs today as the company was upgraded to outperform at Wells Fargo. The analyst report said that the company's momentum is likely going to push well into 2019.