The markets finish the week mixed as earnings and lack of tradeable news causes investors to leave early. The Dow 30 was lower by 46, the S&P 500 sold off 5, and the Nasdaq 100 added 11 on the day thanks to a strong tech sector. Next week the markets will be closed Monday for the holiday. Normal trading resumes Tuesday.
The Dow was held back by oil stocks like Chevron (NYSE: CVX) and ExxonMobil (NYSE: XOM) thanks to another weak day for crude. The price of crude sold off another 4% as traders continue to take profits in the wake of possible supply increases. United Healthcare (NYSE: UNH) was one of your leaders in the Dow which is common during the memorial day to labor day spread.
Interest rates continued to selloff, closing out the week at lows. From a high of 3.10% last week, the 10 year has fallen back to 2.93%. For now it seems the flattening yield curve concerns have waned. Interest rate sensitive areas like REIT’s and Utilities (NYSE: XLU) have all benefited from this short term spike in prices.
Foot Locker (NYSE: FL) shares skyrocketed 20.16% today as the company soared past Wall Street’s expectations. The company reported earnings per share of .45 versus analysts expectations of only .24.
Gap Inc. (NYSE: GPS) was not so lucky. Shares plummeted 14.57% after missing earnings. Excess inventory was the culprit along with the weather. Though the company does own Old Navy and Banana Republic which didn’t perform great, the main issue was with the namesake brand, Gap.
Oil decline holds back S&P 500 today.