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 initially lower again today, but after reports of new trade talks between the U.S. and China, the markets quickly went into rally mode. The Dow 30 ultimately closed higher on the day by 27, the S&P 500 closed up 1 but the Nasdaq 100 closed lower on the day by 18 as the tech space suffered a small down day.
Semiconductors (NYSE: SMH) broke under the 200 day moving average today as the pressure continues in the space. Names like Micron (NYSE: MU) fell into correction territory and NXP Semiconductor fell 3% to new lows as well. Technical traders note the range that the SMH is currently in, at the lower end of this range.
Energy stocks were higher today on another strong day for oil which saw a sharp rally after the oil inventory numbers show a reduction in supply of 5.3 million barrels. A reduction of only 1.3 million barrels was what investors were expecting. The Iranian sanctions continue to weigh on the minds of investors.
Apple (NASDAQ: AAPL) was the big focus today as the company announced a handful of new products. First was the new iWatch which will include a larger screen as well as a better fitness tracker and heart monitor. The other major announcement was the new iPhone Xs and Xs Max (99) which has the largest screen of any model at 6.5 inches. The Xr announcement at 9 puts it less than the starting price of the iPhone 8 but the Xr does has less features. This allows Apple to raise prices overall but show they are still price conscious with their Xr offering.
Wells Fargo (NYSE: WFC) shares sold off over 2% today as the company’s plan to reimburse those who bought car insurance that was unnecessary was rejected by the SEC. They said the bank must do more to make sure that everyone has been compensated. Shares are now at their lowest point in two months, closing below the 200 day moving average.
Verizon (NYSE: VZ) broke to new highs today after announcing that it would launch 5G services in October and a handful of cities. This comes on the heels of At&t (NYSE: T) announcing the same timeframe for their 5G as well. Shares are now higher by 3.5% on the year. In other news, Tim Armstrong announced he would be stepping down as the CEP of Oath, Verizons marketing division.
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Business Affairs 📧Carolyn@JazzWealth.com
⚠ Stock market back and forth as investors digest news | The Closing Beat 🎶