The markets traded lower today following yesterday's big move higher. The focus was on oil which officially entered into a bear market which added pressure to the broad markets. The Dow 30 was lower by 61, the S&P 500 lost 16, and the Nasdaq 100 lost 50. Tomorrow traders will be ultra focused on the Crude Oil inventory report which is due out in the morning. Also we have news on existing home sales which can also be a market mover.
McDonald's (NYSE: MCD) moved to new highs today as analyst firm, Cowen upgraded the fast food retail chain to outperform from market perform and raised its price target all the way to $180. That's another 16% upside from today's open. Analyst Andrew Charles says he is "optimistic about McDonald's digital efforts" and thinks "US comparable sales will increase." Shares are higher by almost 30% on the year, and remain in a strong uptrend.
Chipotle (NYSE: CMG) suffered a strong decline today, adding to the month long losing streak. The restaurant chain saw selling pressure when they confirmed their full-year guidance and warning Wall Street that it's spending more on marketing because their sales are still struggling.Shares have sold off almost 14% since hitting a high back in mid-May. For the year shares are still higher by 14 and technical traders would argue that the selling pressure is likely a little over done at this point.
Boeing (NYSE: BA) shares moved to new highs yet again today following news that the plane manufacturing company had raised its 20-year industry forecast for 41,020 jet deliveries with a value of more than $6 trillion. Boeing also said it "expects plane traffic to climb 4.7% over the next 20 years", which is more than rival Airbus' projection of 4.4% growth. Shares are now higher by over 27% on the year and remain in a steady uptrend.