😪 Stock market sells off again! | The Closing Beat🎶
Every day when the stock market closes we update our clients and subscribers about the important or interesting things that moved the stock market and your retirement investments. We leave the opinion out...mostly. Our goal is to educate briefly on what moved the stock markets, what may be coming up, and how your investments, or retirement portfolio may have been impacted by the day's news.
Here's a look at what investors were focused on today:
The markets traded on heavy volume again today, with brief attempts to go positive. The Dow 30 closed down on the day 545 thanks to a selloff in the big financial names ahead of earnings. The S&P 500 closed down on the day by 57 and the Nasdaq 100 fared the best with a loss of 92 on the day.
Tomorrow, earnings reports from the big banks will be the primary focus along with consumer sentiment and inflation numbers.
Financials continued their selloff today as the big banks get ready to report their earnings tomorrow. The (NYSE: XLF) sold off another 2.5% today as Morgan Stanley (NYSE: MS) broke to new lows along Goldman Sachs (NYSE: GS)
Gold finally showed signs of life as investors remembered that this is an option for safety. The price of gold shot higher by 2.5% today, breaking away from a two month range near the lows. For the year gold is still lower by about 6% but technical traders will note the change of trend with the strong trading volume.
Energy and Oil continued their retreat today after participating in yesterday’s market selloff. The Energy sector (NYSE: XLE) sold off over 3% back to the 200 day moving average, once again on heavier trading volume.
Delta (NYSE: DAL) shares were higher today by about 4% as the company announced earnings of $1.80 per share which was higher than Wall Street’s expectations. Revenue was the big focus though as it beat expectations by about $100 million causing the company to increase full- year guidance on their revenue numbers. The company said that strong demand for air travel along with control over their costs helped them fight off rising fuel costs.
Square (NASDAQ: SQ) shares were sharply lower again today as it was announced that the CFO would be leaving the company by year end. Shares have plummeted lately in this name, losing 35% since hitting a high only 11 days ago. Technical traders note the rapid approach of the 200 day moving average as the next possible support.
Sears (NASDAQ: SHLD) has officially begun skipping payments to their vendors according to Reuters which further confirms the reports from yesterday that the company will be filing for bankruptcy as soon as the end of the week. Shares continued to sell off today.
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