The markets sold off today in response to the latest wave of tariff's out of the White House. The Dow 30 sold off 219, the S&P 500 lost 19 and the Nasdaq 100 closed down 42.
The latest round of the trade war shows the White House looking to impose a 10% tarrif on about $200 billion in Chinese goods. These tariffs are due to take place in August following a review period. Boeing (NYSE: BA) and Caterpillar (NYSE: CAT) were the hardest hit in the Dow with losses of 1.85% and 3.5% respectively.
Sector News
Energy (NYSE: XLE) was the worst performer today as the price of Oil fell nearly 5%. A slew of news including output issues in Lybia being resolved as well as a larger than expected output in Saudi Arabia sent the price of Oil lower, having it's worst day in over a year. The energy sector lost 2% on the day as a whole.
Industrials (NYSE: XLI) were also hit hard on the tariff news, pushing lower by 1.5%. The decline today erases gains seen earlier in the week. Technical traders note the support of the May and June lows.
Stock News:
Fastenal (NASDAQ: FAST) shares popped 10% today following a beat on earnings. The company also reported revenue that was better than expected sending shares to their highest point in over 3 months.
TripAdvisor (NASDAQ: TRIP) shares popped to new highs today, gaining 2% as the company was upgraded at Barclays. The analyst firm cited a turnaround in fundamentals which would allow the company to take better advantage of it's competitive position. Shares are higher by over 60% this year alone.
Spotify (NASDAQ: SPOT) shares moved to new highs today as Nomura rated the stock a buy. The analyst firm cited the fact that the stock was underappreciated as the main reason for the upgrade. The stock is now higher by 20% since going public just a few months ago.
Pfizer (NYSE: PFE) was back in the news today saying that they would roll back price increases for at least six months following a conversation they had with President Trump. Trump criticised them earlier in the week for charging higher prices which seems to have worked in the short term.
Netflix (NASDAQ: NFLX) shares were higher by 0.75% today following an upgrade from Credit Suisse where they said the company will face "unchallenged leadership" in the global markets.