The markets were lower today as investors digested yet another headline out of the White House that they are considering as much as $60 billion in tariffs against China. Originally the plan was $30 billion and would target the tech and telecommunications sectors. The Dow 30 was lower by 247, the S&P 500 sold off 15, and the Nasdaq 100 closed lower by 14.
Equifax (EFX ) made headlines today as Jun Ying, who after the data breach was supposed to become the new Chief Information Officer was charged with insider trading. The SEC alleges that he used inside information prior to the announcement of the data breach to sell company stock which helped him avoid almost $120,000 in losses. This is in addition to the other three executives that publicly disclosed stock sales prior to the announcement of the data breach.
Square (SQ ) shares were higher by 5% today following a glowing upgrade from Analysts at Nomura. The analyst reiterated their buy rating today and stated "Like Amazon in its early days, we believe that little of Square's future revenue streams are currently visible." As more and more merchants seem to be accepting crypto as a payment option, Square is ahead of all it's competitors on offering this in their payment processing service. Shares are higher on the year by 50%.
Walmart (WMT ) shares were flat on the day despite news that the company would be offering online grocery delivery service to about 100 metro areas and would serve 40% of the US households by the end of the year. In yet another effort to continue to compete with Amazon (AMZN ), the company was very specific in their news announcement stating that customers can get deliveries in the same day for a fee of $9.95 with no subscription, and a minimum of $30 order. The company currently employs 18,000 personal shoppers and will hire thousands more this year.