The markets took a break finally today as stocks were in the red. The Dow 30 was lower by 14, the S&P 500 lost 3, and the Nasdaq 100 was off by 10. Bank stocks tried to support today but lost steam late in the session. Form here investors will focus on earnings season which will likely cause increased volatility going forward.
United Airlines (NYSE: UAL) and American Airlines (NYSE: AAL) added 6.70% and 3.26% respectively today as they are upbeat about their future outlook. In the face of rising oil prices both companies said they are seeing stronger pricing power and better revenue trends. American said that revenue per seat / per mile will be up 5-6% compared to this time last year. That beats expectations by 2 percentage points.
Discovery Communications (NASDAQ: DISCA) was the best performer in the S&P 500 today adding 5.45% as the company announced their strategic plan to move their headquarters to New York City. The company's CEO said that this was an effort to be closer to their advertisers which are mostly located in the city.
Khols (NYSE: KSS) was once again one of the better performers in the S&P 500 today as the company announced that it will be considering partnering with a grocer or convenience store to help fill vacant store space. The department store has reduced the size of about 300 of their stores lately but has left the white space around the new smaller space. They are hoping that adding a grocer can help fill the space but also drive traffic back to their stores. The stock was higher by 3.23% on the day, hitting new highs again.
In other news Warren Buffett was in the news talking about bitcoin. He said that this "will almost certainly end in disaster" and said if he could he would be buying as many 5 year puts on the crypto currency as possible. Bitcoin futures were lower on the day by 2.31%.