The markets finished the day positive today as the media attention shifted to the meeting between President Trump and Chinese leaders. The Dow 30 added 39, the S&P 500 gained 1, and the Nasdaq 100 added 3. Tomorrow's news includes employment numbers, manufacturing numbers, as well as minutes from the last FOMC meeting.
Nvidia (NASDAQ: NVDA) shares sold off over 7% today when Pacific Crest announced a downgrade of the company. The analyst firm reported it would move to underweight from sector weight. The note included concerns about the graphic chip maker's "ability to keep growing due to signs of saturation in the desktop market." Last year was a great year for the name but so far this year it has struggled to maintain the momentum. The decline today puts shares in negative territory for the year.
Boeing (NYSE: BA) say a small round of buying today as the company announced that it had signed a $3 billion deal with Iran's Aseman Airlines for at least 30, 737 MAX airplanes. The last time Boeing did a deal with Iran was back in the Obama administration days where it had a $17 billion sale to Iran after the Nuclear deal. Shares are up over 14% on the year so far.
Kate Spade (NASDAQ: KATE) was a big loser today as Reuters reported that the handbag and accessories maker "needed more time to assess last week's buyout offer from Coach (NYSE: COH)." The move today completely erased all of the earnings gains it saw in February but technical traders noted the support of the 200 day moving average.