The markets were lower today as investors continue to look for bullish catalysts to grab onto. Today also marked the 10 year anniversary of the bull market. The Dow 30 closed lower on the day by 132, the S&P 500 sold off 18, and the Nasdaq lost 70. Tomorrow's earnings reports come from names like Barnes & Noble (BKS ), Costco (COST ), and H&R Block (HRB ) among others.
Sector News
Crude Oil sold off today as the weekly inventory reports showed a sizable increase in US crude stockpiles. Analysts were expecting a draw of around 9 million barrels but reports showed an increase of 7 million. Oil remains near the highs of the year but has traded sideways over the last few weeks.
Semiconductors were one of the weaker areas today as the sector continues to see profit-taking in the short term. This week the semiconductor index has pulled back to the 20-period moving average, a technical indicator the bulls will likely be focused on going forward.
Stock News
General Electric (GE ) was back in focus today after the CEO commented yesterday that they would show a negative free cash flow for 2019. Bank of America lowered their price target to $12 from $13 on this news and JP Morgan (JPM ) was quick to point out their $6 price target. The stock has lost 20% in just the last 8 trading sessions.
Abercrombie & Fitch (ANF ) shares were sharply higher today as the company was the latest retailer to announce strong Q4 earnings. The company beat analyst expectations by 20 cents per share, with revenue that was also better than expected. Store sales showed a pop of 3% which was double Wall Street's expectations.
Dollar Tree (DLTR ) shares moved back towards highs today as the company beat on earnings by a penny. Revenue was also better than expected and investors focused on the announcement of a new effort to optimize their store chain, including the closure of 390 Family dollar stores.
Urban Outfitters (URBN ) shares were in the news today after releasing earnings that came in better than expected along with revenue that was as expected. The stock sold off from highs on news that the company would suffer a weak start to the year thanks to its own "costly mistakes" and colder weather.
