The markets were mixed to close out the week as investors decided to take profits into the weekend. The Dow 30 at least closed higher on the day by 86 points thanks in part to strong moves in McDonald's (MCD ) and Verizon (VZ ). The S&P 500 closed down on the day 1 after hitting a new record earlier in the day and the Nasdaq 100 closed lower by 41.
Telecom was the best performing sector today as names like AT&T (T ) and Verizon (VZ ) enjoyed healthy gains. AT&T enjoyed a nice upgrade from UBS bank, helping to fuel higher prices across the telecom stocks that stand to benefit from the 5G rollout in the coming months.
Micron Technology (MU ) shares were higher initially after announcing earnings that beat Wall Street's expectations. Revenue was also better than anticipated, but the company announced that US tariffs on Chinese goods would impact its financial results for as long as one year, which caused investors to leave the stock. Shares were lower today by about 3%, holding back the sector.
Under Armour (UA ) shares continued their move higher today as JP Morgan upgraded the company. The firm says that it thinks Under Armour will meet earnings estimates for all of 2018 and 2019. Shares popped about 3% on the day.
Tesla (TSLA ) shares were slightly lower on the day as yet another key executive left the company. The vice president of global supply management, Liam O'Connor, became the fifth upper level executive to leave the company within the last few weeks.
Wells Fargo (WFC ) announced it will reduce its workforce by about 5-10% over the next 3 years in an effort to cut costs by a total of $4 billion. Shares were lower on the news as many criticized the firm for going the wrong way to improve on an embattled past.