The markets struggled to find any traction today after weak numbers overnight out of China as well as lower-than-expected new home sales here in the States. The Dow 30 closed higher by 9, the S&P 500 sold off 1, and the Nasdaq closed lower on the day by 11.
Retail was a weak spot today as investors continue to bail on the recent breakout above a short range. Dollar General was one weight on the sector today, along with names like Limited Brands (LB ), Ross Stores (ROST ), and Dollar Tree (DLTR ). For the year the sector is still higher by about 8% and hovering just above its 50-day moving average.
Financials were strong today, marking their fourth straight day of gains. Technical traders noted the move back into the 200-day moving average and overhead price resistance as well. For the year the big financials are higher by about 12%.
Boeing (BA ) remains near the front page news as the company now has about every 737 Max 8 and 9 grounded around the globe. The company is currently investigating the cause of both crashes overseas and Bank of America (BAC ) analysts expect the grounding to last three to six months. Shares remain near lows, just above the 200-day moving average. To date the selloff in share price has cost the company roughly $30 billion.
General Electric (GE ) shares were higher today as the company issued their 2019 outlook, which showed they expected to earn 50-60 cents per share as the company continues to restructure. While analysts were expecting earnings of about 70 cents, investors focused on the CEO's comments that he expects 2020 to be significantly better.
Dollar General (DG ) shares plummeted today as the company reported earnings which missed expectations by 4 cents. Revenue did beat expectations and store sales ticked higher by 4%, far higher than the 2.6% expected. The company also raised their dividend by 10% and increased their share buyback program by $1 billion.