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 broke their losing streak as the Dow was able to close in the positive (+119) for the first time in 9 days. The strong move in oil was the big supporter of the Dow with names like Chevron (NYSE: CVX), and Exxon Mobil (NYSE: XOM) leading the way.
The S&P 500 was also higher on the day thanks to oil, adding 5 on the day. The Nasdaq 100 was not able to show any strength today and ended in the red with a loss of 20. Tech stocks continue to be in profit taking mode.
Oil (NYSE: USO) was the big focus today as OPEC members came to an agreement to pump more oil. Part of the agreement was to keep 1.2 million barrels a day off market but the details were not clear about the actual production increase. Analysts estimated that actual production increases will be around 600,000 barrels a day which was lower than expected. The price of oil shot higher by 4% on the news.
The energy sector (NYSE: XLE) as a whole benefitted from the strong move in oil along with the OPEC meeting now coming to an end. From the energy sector to exploration stocks (NYSE: XOP) to oil service stocks (NYSE: OIH), all were higher on the day by at least 2%.
Consumer staples (NYSE: XLP) closed at highs of the week as stocks like Costco (NASDAQ: COST) Procter & Gamble (NYSE: PG) and Pepsi (NYSE: PEP) continued to push higher. The three names make up 25% of the XLP with PG at 12%, Pepsi at 9.53% and Costco at 4.5%.
Carmax (NYSE: KMX) shares blasted off to new highs today, adding 13% as the company reported earnings that handily beat expectations. The stock had it’s best one day move in almost exactly 4 years. The company said the results were solely due to a reduction in their tax rate from 25.3% to 37.4% thanks to Trump’s tax plan. Car sales are still on the down slope, losing 2.3% but that was not as bad as expected by analysts.
Blackberry (NASDAQ: BB) shares tumbled 8% today as the company reported mixed earnings. While revenue was lower by 11%, the company did beat expectations by million. Licensing and IP came in at almost 100% better than this time last year and the CEO made comments that the stock price should be higher. He stated the “Company is financially safe, now we need to make it interesting”
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Business Affairs 📧Carolyn@JazzWealth.com
Stock market rallies but don’t get excited yet.