The markets moved within a range today as they hovered near highs. The Fed's beige book along with news from Apple had traders positioning throughout the day. The Dow 30 was down 16, the S&P 500 was flat, and the Nasdaq 100 traded up by 8 thanks to the tech sector (XLK ). Going into tomorrow traders will have the ability to focus on Oil and an ECB press conference scheduled before the markets open.
Apple (AAPL ) got a small boost today (0.63%) as it unveiled its new product lineup. The tech giant announced the iPhone 7 and a new Apple Watch, among other products. Apple fans didn't get the huge changes they were expecting. Apple did follow up on its rumor that it would eliminate the use of the headphone jack on the iPhone. The iPhone plus also got a partner for its existing camera. The new iPhone plus will now include two forward facing cameras for you selfie enthusiasts.
Chipotle (CMG ) got a much needed boost this morning (5.84%) following news that activist investor Bill Ackman bought about 10% stake in the embattled Mexican food chain through his hedge fund Pershing Square. In a regulatory filing late Tuesday, Pershing described Chipotle as undervalued and an attractive investment. Chipotle shares have been battered over the past year after a series of food-safety issues. Shares have been lower since the news of the e coli outbreak late last year.
Advanced Micro Devices (AMD ) shares gave back some more of this year's big gains (-6.81%) after the chip maker said it planed to raise more than $1 billion through a public stock and debt offering. The company said it will use the proceeds to strengthen its balance sheet amid increased competition in the semiconductor sector. This was all the bulls needed to take some profit off the table.
Dave & Buster's (PLAY ) fell 2.90% today as the arcade and restaurant chain lowered its guidance for same-store sales growth for the year. The company announced this after reporting disappointing sales at existing stores for its fiscal second quarter. However, the company's top and bottom line results topped analysts' estimates with revenue jumping 12% from a year ago. Shares traded hands on above average volume today.
