Markets were higher today as the government has reached a preliminary deal to stop the shutdown this Friday. President Trump also commented that he would allow for some wiggle room on the date should they still be working on the details of the final bill. This, along with Chinese markets rallying on trade news, sent the Dow 30 higher by 372, the S&P 500 higher by 34, and the Nasdaq higher by 106.
Sector News
Oil was higher today as OPEC announced that Saudi Arabia would reduce oil production to about 9.8 million barrels per day in March. This represents a cut of more than a half a million barrels more than they initially agreed to cut. Technical traders note the price of oil is still within a range that has been mostly in place since last November.
Semiconductors were higher today, led by a broad-based rally in the sector. Thanks to positive trade news and a strong rally in Chinese markets overnight, the sector - which relies heavily on global sales - saw a strong gain on the day. Intel (NASDAQ: INTC) which is the largest holding in the group gets 80% of its overall revenues from overseas, while Texas Instruments (NYSE: TXN) has over 87% of revenues coming internationally.
Stock News
Under Armour (NYSE: UA) shares blasted off today as the athletic retailer reported earnings and revenue that came in better than expected. The company showed that an increase in sales along with a reduction in overall discounts on products were some of the driving factors. The company also committed to its forward guidance, which helped shares as well.
Molson Coors (NYSE: TAP) shares sank today as the company showed lower-than-expected revenue for the previous quarter. The company also announced that it would have to restate some of their financials from 2016 and 2017 thanks to some accounting errors. The company says the changes will not be "material." Shares remain in a long range that has been in place since May of last year.
Coty (NASDAQ: COTY) shares were sharply higher today, challenging the 200-day moving average as private equity firm JAB announced a option to increase its stake in the company to 150 million shares. JAB offered $11.65 a share for the increase, which would bring its total holdings to 451 million shares or about 61% of the company's stock.
Shopify (NASDAQ: SHOP) shares were lower on the day despite the company reporting earnings and revenue that were better than expected. The company said they saw an increase in business signups and a higher payment processing revenue for the previous quarter.