The markets traded higher today as the leash came off stocks following the midterm election results. Investors cheered the outcome of the elections given the successful S&P 500 history following midterm elections. The Dow 30 was higher by 542, the S&P 500 closed higher on the day by 58, and the Nasdaq 100 added 194.
Investors now turn their focus to the Federal Reserve, which is set to make their interest rate announcement tomorrow afternoon. It is widely expected that they will take a break from their rate hikes.
Sector News
Healthcare was one of the big winners today on the results of the midterm elections. In polls, voters across both parties signaled that healthcare was one of their biggest concerns. Investors see any healthcare reform as bullish for the insurers and healthcare providers.
Tech stocks also enjoyed a strong day with many of the sector ETFs pushing back above their 200-day moving average. Names like Amazon (AMZN ), Adobe (ADBE ), and Microsoft (MSFT ) were some of the leaders in the tech space that helped to support the overall markets.
Stock News
Michael Kors (KORS ) shares sold off to new lows today despite the company reporting better-than-expected earnings and revenue. The issue with investors today was the comparable store sales, which came in weak in their European stores. Shares have now lost about 50% since hitting a high back in August.
Papa John's (PZZA ) shares were higher today despite the company missing earnings as well as revenue. Investors gave the struggling pizza chain a pass as their comparable store sales in the US fell only 9.8%, which was less than the 10.7% that Wall Street analysts had posted for expectations. Shares are still lower on the year.
Match Group (MTCH ) were lower by double digits today despite beating on earnings and revenue expectations. Their Tinder app was another big winner for the name, but shares fell on news that revenue per user would be lower than expected. They company did announce a $2 per share special dividend as well.
