The markets traded back and forth in a more muted range today as the bears still remain in control short-term. The Dow 30 closed the day higher by 70 but the S&P 500 was flat and the Nasdaq 100 closed lower by 37. Going forward, the Fed is the main catalyst that could help pull this market off its lows.
Sector News
The retail sector broke to new 52-week lows today as investors continue to fear a slowing economy. The sector suffered a broad-based selloff today and is now lower by about 6% on the year.
Oil was higher on the day as it was announced that the Saudis could cut oil exports to the US, which could help draw down the oversupply of the world's oil. Crude Oil closed higher by almost 4% on the day, but still remains near lows.
Transports also took the day off, hitting new 52-week lows as well. Technical traders note the approaching support area as well as the short-term extension as a possible buying opportunity.
Stock News
General Electric (GE ) shares enjoyed a rare, strong day today as the company was upgraded at JP Morgan. The company kept their price target at $6, but said they are "less negative." In other news, GE announced a new, independent "Internet of Things" division, which is a spinoff of their existing $1.2 billion in revenue tech companies. Investors cheered the commitment to restructuring today, but shares are still lower by 56% on the year.
Apple (AAPL ) shares got a little boost today as the company announced a new $1 billion campus just north of Austin. They also announced that they would be investing $10 billion across the US over the next ten years. Shares seemed to have marked a temporary bottom since the gap down reversal day on Monday.
Coca-Cola (KO ) shares closed in the green today despite being downgraded by UBS to neutral. The analyst cited progress on the company's recent changes as being significant to future growth targets. The stock is still higher by about 8% on the year and is one of the better performers in the consumer staples sector.
