📉 Tariff news and tech stocks pull stock market lower | The Closing Beat 🎶

📉 Tariff news and tech stocks pull stock market lower | 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 were lower to start the week as tech stocks along with trade news helped pull prices down. In an interview with CNBC, Larry Kudlow said that Trump was not happy with trade talks with China and an announcement on 0 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 counter trend traders moved into the sector some more 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 could 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 as the company was upgraded by Raymond James. The analyst cited and 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.

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📉 Tariff news and tech stocks pull stock market lower | The Closing Beat 🎶

2 thoughts on “📉 Tariff news and tech stocks pull stock market lower | The Closing Beat 🎶”

  1. The Saudi group gave their money to Lucid because Elon backed out of their deal. They were just looking to have ownership of an EV brand. Lucid is between Tesla and Nio in their timeline.

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