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 shot higher today sending the Nasdaq 100 to record highs. Once again, most of the recent tech stocks like the FAANG names helped the markets push higher. The Dow 30 closed higher by 224, the S&P 500 added 24 and the Nasdaq 100 closed higher by 107.
Facebook (NYSE: FB) and Amazon (NASDAQ: AMZN) gaining over 2% each were some of the main focus stocks in the tech space. Netflix (NASDAQ: NFLX) was the only one of the big tech names not to participate as it lost 1.25% today after being downgraded.
Investors seemed more optimistic than yesterday as China has not immediately responded to the tariff news like they did in the past. This could be because of how specific the tariffs were which has caused China to want to review their options. In addition, yesterday’s additional tariffs won’t take place until August.
Technology was the leading sector today thanks to the gains in popular tech stocks. The sector hit a new high today as well, gaining 1.5%. The sector is now higher by about 6% in the last 15 trading days.
Industrials were the second best performer today gaining 1.15%, nearly erasing all of yesterday’s gains. With no response from China regarding the latest tariffs investors came back to the sector today.
Consumer Staples was the worst performing sector of the day, taking the day off in the middle of a strong and consistent uptrend. The sector is higher by 7% since hitting a low back in May.
Delta Airlines (NYSE: DAL) helped support analysts expectations for 20% earnings growth this quarter, reporting earnings and revenue that came in better than expected. This sent shares higher by 1.8%, moving away from lows set just a few days ago.
Pappa Johns (NASDAQ: PZZA) founder John Schnatter has officially resigned after using racial slurs on the company conference call which sparked outrage from investors. Papa John himself apologized for the comments and said racism has no place on our society.
Amazon (NASDAQ: AMZN) got a boost from analysts at Canaccord Genuity which raised their price target to a whopping 00 per share stating that it “is the most constructive among the FANG stocks” and that current prices are low compared to historical standards.
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Business Affairs 📧Carolyn@JazzWealth.com
Stock market stages a quick comeback.