Markets were lower today, weighed down by a pullback in oil. The Dow 30 lost 79 (-0.45%), the S&P 500 dropped 13 (-0.64%), and the Nasdaq 100 lost the most, down 52 (-1.10%)Shares of Nike (NKE ) took a 3.79% hit today despite the athletic retailer reporting a 20% jump in profit in the third quarter, topping Wall Street estimates. The issue was that the strong dollar weighed on sales, as Nike reported weaker-than-expected revenue and gave a cautious outlook. Nike reported earnings on the heels of introducing new innovative products last week, including self-lacing shoes.
The recent rally in Oracle (ORCL ) came to a screeching halt today as the company is taking its battle with Hewlett-Packard Enterprise (HPE ) to court. Oracle filed a lawsuit alleging Hewlett-Packard Enterprise helped a partner company illegally sell software support for Oracle's Solaris operating system. Shares were down 1.52%.
Oil company BP (BP ) lost 2.39% today as the federal government is pushing for final approval of the $20 billion BP oil spill. Federal lawyers on Tuesday formally asked a judge in New Orleans to accept the agreement.
Lastly, oil and gold were lower together today along with the markets. Traders look to be taking some profits in the short term as oil pulled back over 3.5% today. Meanwhile Gold lost 2% today but still remains one of the best performing sectors in the market for 2016.
