The markets fell today as tech stocks digested news out of Taiwan and interest rates spiked. The Dow 30 was lower on the day by 83, the S&P 500 sold off 15, and the tech heavy Nasdaq 100 got the worst of it, losing 57.
American Express (AXP ) shot to new, record highs today gaining 7.5% in the process thanks to a strong earnings report. Earnings and revenue came in better than expected and the company raised it's guidance going forward as their rewards program efforts show strong returns. This helped boost the financial sector (XLF ) by 1.5% on the day.
Procter & Gamble (PG ) dragged down the Dow today as shares fell 3.27%, hitting new lows in the process. The company said that shrinking retailer inventories and higher commodities and transportation costs squeezed its margins. Technical traders note the lack of real support anywhere in the near term. The move also pulled the Consumer Staples sector (XLP ) down by about 3% on the day.
Taiwan Semiconductor (TSM ) shares sold off 5.7% on the day, dragging down tech stocks like Apple (AAPL ) and Intel (INTC ) as the company warned of soft demand for smartphones. TSM is the worlds largest, contract chipmaker.
In other news, Amazon (AMZN ) shares added 1.90% as the company announced that they have over 100 million prime subscribers globally. The median price of homes jumped 8.9% in March compared to 2017. Low inventory was seen as the driving factor according to redfin which said inventory was down almost 12%.
