The markets were higher today ahead of the midterm election results, which seem to indicate the Democrats will take the House. The Dow 30 was higher by 175, the S&P 500 gained 17, and the Nasdaq 100 added 47, with really nothing on the economic calendar for investors to go on today.
The transportation space was one of the leaders today thanks to solid moves in names like FedEx (NYSE: FDX), UPS (NYSE: UPS), as well as the trucking companies like JB Hunt (NASDAQ: JBHT). The transports have now recovered almost 8% of the 16% decline that began back in late September.
Oil and energy was one of the weak spots today, as the price of oil lost over 1%, moving into bear market territory. The Iranian sanctions have turned out to have a smaller-than-expected impact on oil supply, as President Trump granted exemptions to Iran which will allow them to export some oil for now. Add that to a seasonal slow period and the continued pumping by the US and OPEC and you have a recipe for lower prices.
Marriott (NYSE: MAR) shares sold off today as the company reported better-than-expected earnings but missed estimates on revenue. The hotel chain also announced that it would cut its forecasts for their "revenue per room" metric that's widely followed by Wall Street. Shares are lower by about 16% on the year.
CVS Health (NYSE: CVS) shares w...