The markets started the day lower but by mid-morning had bottomed and begun a move higher. The Dow 30 closed higher on the day by 113 thanks to Apple (AAPL ), Microsoft (MSFT ) and ExxonMobil (XOM ) along with Nike (NKE ). The S&P 500 closed higher on the day by 10, and the Nasdaq 100 added 48 thanks to a small rebound in tech stocks.
Sector News
Oil prices shot higher today as Category 4 Hurricane Florence heads for North and South Carolina. Investors place their bets on higher gas prices and oil supply reductions on the Hurricane as well as U.S. Sanctions on Iranian continuing to tighten the global supply.
Stock News
Sonos (SONO ) shares fell sharply today after the recent IPO reported earnings that showed revenue decline 6%. The wireless speaker company which has a market cap of 2 billion but loses money saw shares erase most of the stocks short history of gains thanks to a 20% decline today. Revenue came in at $208 million but the company lost 45 cents per share.
Snap, Inc. (SNAP ) shares bounced 2% today, slowing it's recent, waterfall decline as the company was upgraded by Wedbush to outperform from neutral. They also raised their price target to $12.25 a share from $11.50 says a new CFO could suggest "a potential shift in strategy."
Apple (AAPL ) was higher ahead of their product announcement tomorrow. SHares saw almost a 2% gain after UBS raised it's price target to $250 from $215 stating that they like the company's "recurring hardware revenue stream" from it's iPhone devices. Knowing that services are a major focus, the analyst also commented that this sector could grow 20 year over year for the next two years.
