The markets were mixed today with investors focused on the recovery in the tech space. The Dow 30 was initially higher by over 100 points, but closed down on the day by 57. The S&P 500 closed higher by 5, and the Nasdaq 100 closed up on the day by 21.
Sector News
Transports (IYT ) were higher today by 1.5%, leading the way in the S&P 500. The sector saw buying across the board, supporting all the major holdings in the space. Fedex (FDX ), Union Pacific (UNP ), and UPS (UPS ) were just a few of the names that benefited from the buying pressure today.
Semiconductors (SMH ) were higher today following last week's slide. Support from names like Nvidia (NASDQ: NVDA) and Advanced Micro Devices (AMD ) helped this important sector recover from some of the losses incurred last week.
Stock News
CBS (CBS ) was one of the big headline stocks today as it was announced that Les Moonves, the company's CEO, would be stepping down. He was reportedly offered $100 million in stock to leave the company and today it was confirmed that he would leave "effective immediately." He could get as much as $140 million in severance if the allegations of sexual misconduct prove to be false.
Apple (AAPL ) shares were lower on the day by 1% as the company said increased tariffs on Chinese goods would affect the prices of many of their products by as much as 25%. Trump responded with a Tweet that said Apple should make their products in the US to avoid tariffs.
Tesla (TSLA ) shares recovered from their slide over the last few weeks despite more news of leadership leaving the company. Investors chose to focus on the note from an analyst at Baird that said to buy shares "even with the drama."
Shares of Home Depot (HD ) and Lowe's (LOW ) spiked to new highs today as Hurricane Florence prepares to hit the US later this week. Home Depot added 2% on the day and Lowes added 2.25% as investors anticipate an increase in sales from this storm and potentially another one to follow later. Insurers like Allstate (ALL ) and Travelers (TRV ) were lower on the day.
