The markets traded in a range today but ultimately finished mostly lower. The Dow 30 was lower on the day by 56, the S&P 500 lost 4 and the Nasdaq 100 closed higher by 2. Investors continue to focus on the effect rising rates will have on the overall economy. Though rates pulled back slightly today, mortgage rates have now crossed the 5% mark
Sector News
Tech stocks were one of the stronger areas today as they took a break from their recent selloff. The Nasdaq 100 was the biggest benefactor of the pop today thanks to gains in the FANG names as well as Tesla and others in the software space.
Consumer discretionary stocks were also strong today following a week of strong selling pressure. The consumer discretionary space has been hit hard recently following concerns that higher interest rates would slow the consumer ahead of the Christmas holiday sales season.
Stock News
Papa Johns (NASDAQ: PZZA) shares shot higher by 7% today as the Wall Street Journal reported that they are considering a takeover bid by a activist hedge fund Tian Partners. The fund has experience in the space as they own 13% of Wendy's. Last week Papa Johns announced they would accept bids for the company after taking a PR hit from comments made by the original founder John Schnatter.
Tesla (NASDAQ: TSLA) shares popped 4% today as the company received an upgrade from Macquaire with a price target of $430 a share. The analyst stated that they see Tesla as a disruptive tech company with differentiated products. The news helped slow the recent decline, and once again traders seem to have found confidence in the $250 support area.
Walmart (NYSE: WMT) shares continued higher today adding another 2% as the company was upgraded by Deutsche Bank. The analyst note cited acceleration in online grocery as well as being in a position to rapidly gain market share going forward.