The market finished the week on a strong note. The Nasdaq hit a new, all-time high today thanks to strong gains in tech stocks like Netflix (NASDAQ: NFLX), which added 4%. The Federal Reserve continued their symposium in Jackson Hole today with a much-anticipated speech from Fed Chair, Jerome Powell. In the speech, Powell says that he foresees the expected gradual rate hikes. Powell also added that the economy is strong and can handle the tightening. This sent the Dow 30 higher by 133, the S&P 500 higher by 17, and the Nasdaq 100 higher by 67.
Foot Locker (NYSE: FL) shares plummeted today, erasing all of last month's gains. The company reported earnings and revenue that were better than expected but store sales came in just under what Wall Street was anticipating. Normally this may not have caused such a decline, but with other retailers like Target (NYSE: TGT), Williams Sonoma (NYSE: WSM), and others reporting record sales, investors had a little more to worry about here.
Other retailers in the news today included The Gap (NYSE: GPS) which also gave back a month's worth of gains after showing that its subsidiary brands, including Old Navy and Banana Republic, continue to suffer weaker sales. Ross Stores (NASDAQ: ROST) shares briefly broke to new highs on their earnings announcement, but low operating margins and weak guidance going forward put a little pressure on the name. The Buckle (NYSE: BKE) reported earnings better than expected with good revenue.
Intuit (NASDAQ: INTU) shares were higher today as the company reported earnings that beat expectations, along with higher revenue numbers. The company also reported a $2 billion share buyback and raised their dividend to $0.47 cents a share. Their CEO will be stepping down later this year.
Netflix (NASDAQ: NFLX) shares popped today as the company received another upgrade, this time from SunTrust, citing the recent pullback as a "buying opportunity." Shares have been under pressure since subscriber counts came in lower than anticipated during Netflix's last earnings report in July.