The markets finished a wild week with another move lower as investors continue to be in "risk off" mode. The unemployment number was released today which showed a slowdown in the number of new jobs created as well as a slowdown in the increase in monthly wages. Though this helped investors feel that the Federal Reserve may slow their rate hike pattern, the Dow 30 closed lower on the day by 558, the S&P 500 sold off 62 and the Nasdaq 100 closed lower by 219.
Sector News
Oil was a big focus today as it was announced that OPEC would cut production. OPEC agreed to a cut of 800,000 barrels and it appears that Russia agreed to the other 400,000 though little was provided in the way of the details of how the cut would take place. Oil has traded in a range all week long and currently remains near 52 week lows.
Stock News
Cronos (CRON ) made headlines today as it was announced that Altria (MO ) bought a 45% stake in the cannabis producer for a total of $1.8 billion. Shares soared double digits on the news. Earlier in the week there were rumors of talks between the two names which also spurred a little rally but today confirms it. Shares are now higher by about 70% on the year.
Lululemon (LULU ) shares were lower on the day as the company reported earnings. Though both earnings and revenue came in better than expected, the company guided forward weaker than what Wall Street had expected for the company. Shares sold off towards the 200 day moving average but still boast a gain of about 60% on the year.
Ulta Beauty (ULTA ) shares sold off hard today as the company announced earnings that were inline with analysts expectations. Revenue was also inline but the company also guided lower for the current quarter which sent shares down to their last support area from back in October.
