The markets had a wild day of trade today, swinging over 1% back and forth the most times since 2009. Ultimately the Dow closed lower on the day by 9, the S&P 500 lost 7, and the Nasdaq 100 was off by 59 as the tech sell off continues.
Amazon (AMZN ) shares were lower by 4.38% today as President Trump reportedly wants to address the company's tax treatment. The President is arguing that their tax treatment is unfair compared to traditional retailers and wants to fix this. Though there are no reported policy changes in the works, Congress is expected to rule on internet sales taxes later this year. Investors took no chances and sold off the stock today. Shares are now lower by 11% since hitting a high back on March 13th.
Tesla (TSLA ) once again sold off today, adding to the steep losses already seen. The company received a credit downgrade by Moody's to B3 from B2 citing "Liquidity pressures due to its large negative free cash flow and pending maturities of convertible bonds." The stock is lower by over 15% just this week.
Lululemon (LULU ) shares popped to new record highs today, adding 10% in the process. The company announced earrings that beat expectations and had only positive guidance going forward. Shares have been stuck in a range for most of this year so far but today settled that.
In other news Restoration Hardware (RH ) shares soared 22.5% on the day as the company announced earnings and revenue that comfortably beat expectations. The upscale furniture retailer has historically had a high concentration of short traders so many think today's pop has some short covering built in.
