The markets were mostly higher today ahead of the highly anticipated jobs number due out tomorrow morning. Support from Boeing and Disney (DIS ) helped the Dow 30 close higher on the day by 166. The S&P added 6 again, just as it did yesterday and the Nasdaq closed the day in the red by 3.
Sector News
Regional Banks (KRE ) continue to try and show it has the strength to push past a slwe of resistance. The space was hit by the Fed day decline a few weeks ago but has now recovered about 9% of the 12% decline from that news. Technical traders note the overhead resistance but so far the regional banks have shown they can handle it.
Large financials (XLF ) were also strong today as they work through their own consolidation area. Technical traders know that moving the markets to all time highs will require the assistance of the financials and today showed that they may be up for the task.
Industrials (XLI ) were higher today in part because of Boeing, but investors noted the broad based rally which extended into Aerospace & Defense with names like United Technologies (UTX ) and Lockheed Martin (LMT ) among others in the space.
Stock News
Tesla (TSLA ) shares plummeted today nearly erasing the last two weeks of gains as the company showed a 31% decline in auto deliveries in the first quarter. The company did confirm guidance of between 360,000 and 400,000 deliveries for the year but said they expect their income to be affected by weak deliveries and slower transit times overseas.
Constellation Brands (STZ ) was higher today as the company reported earnings that came in $0.13 better than expected. The company announced that it would be selling about 30 of it's lower cost brands but investors were more interested in hearing how the progress of their $4 billion Canopy Growth (CGC ) investment is coming along which made headlines back in November.
Facebook (FB ) continues to enjoy the benefits of going on the offensive with regulators as the stock recieved another upgrade. Guggenheim placed a buy rating on the stock saying that consumers are increasing their usage and the instagram, in app purchase transition will be a boost to their bottom line.
Boeing (BA ) reversed course from yesterdays decline today as a preliminary report of the Ethiopian Airlines crash shows that the pilots were following emergency procedures and the likely fault was the MCAS flight control feature. Shares remain just under the $400 level.
