The markets sold off in unison today as weak oil may have finally caused the bears to enter. The Dow 30 was down again marking the 7th straight losing session, down 88. The S&P 500 lost 13, and the Nasdaq 100 lost 46. Going into tomorrow it will be Manufacturing numbers along with oil inventories that drive traders' decisions.
The automakers were hammered today with Ford Motor (F ) losing 4.33% and General Motors (GM ) off by 4.38%. The bad news from the auto manufacturers was that the year-over-year total vehicles sales declined a respective 2.8% and 1.9% in July.
Pfizer (PFE ) suffered a 2.47% decline today despite topping analysts' estimates for the quarter and reaffirming its full-year outlook. Even though investors responded by selling, the company still has a year-to-date gain of 12.7% while the health care sector has only gained 4.2% so far in 2016.
Emerson (EMR ) declined 4.93% today after missing top- and bottom-line estimates for the quarter and lowering its full-year guidance. The company reported that sales were negative in most regions, but European sales came in flat. The decline erases almost a months worth of gains for the stock.
Integrated Device (IDTI ) fell a whopping 11.85% today after disappointing guidance overshadowed an in-line quarter. The stock has also received several downgrades and price target revision following the release of its report. Due to this disappointment investors pushed the stock near recent lows on well above average volume.
Royal Caribbean (RCL ) sold off 6.28% today after missing top-line estimates for the quarter and lowering its full-year outlook below consensus. This is just yet another failed attempt for the cruise company to start an uptrend. Shares remain near year lows.
Lastly, Procter & Gamble (PG ) was able to stay positive today (0.41%) and was the best-performing Dow component following the release of its quarterly earnings. P&G delivered better than expected fiscal fourth quarter results while offering mixed fiscal 2017 guidance.
