The markets recovered all of yesterday's losses as investors shrugged off the tariff tantrum between the US and China. The Dow 30 was higher by 184, the S&P 500 gained 15, and the Nasdaq 100 closed higher by 60.
Sector News
Semiconductors had a strong day today, but continued to trade in a range around the 200-day moving average. Micron (NYSE: MU) led the space today, recovering 4.5% of its recent losses.
Oil prices pushed higher after news broke that OPEC is not prepared to raise their output to offset Iranian sanctions. The US was hoping they would pick up the slack and keep prices lower, but so far the sanctions continue to support prices.
Stock News
Investors were unhappy with AutoZone's (NYSE: AZO) reported earnings today. The company beat on earnings by a wide margin, but revenues came in light, along with sales overall. The stock fell about 3% on the day, nearly pulling back to the 200-day moving average.
Amazon (NASDAQ: AMZN) shares were higher on the day following news that the company will release at least 8 new Alexa-related products. Investors cheered the new product rumors, which include microwave ovens, speakers, and more. The full product lineup will likely be released at an Amazon event later this month.
FedEx (NYSE: FDX) shares were lower by 4% today following a disappointing earnings report. The company earned $3.46 per share, which was less than anticipated. The company blamed pay raises for the lackluster earnings, but that this is a short-term hit. They raised their full-year guidance, raising its adjusted earnings forecast from $17.20 to $17.80 per share.