The markets were initially lower again today, but after reports of new trade talks between the US and China, the markets quickly went into rally mode. The Dow 30 ultimately closed higher on the day by 27 and the S&P 500 closed up 1, but the Nasdaq 100 closed lower on the day by 18 as the tech space suffered a small down day.
Sector News
Semiconductors (NYSE: SMH) broke under the 200-day moving average today as pressure continues in the space. Names like Micron (NYSE: MU) fell into correction territory and NXP Semiconductor fell 3% to new lows as well. Technical traders note the range that the SMH is currently in at the lower end.
Energy stocks were higher today on another strong day for oil, which saw a sharp rally after data from the Energy Information Administration showed that domestic crude supplies were down by 5.3 million barrels for the week ending September 7, a much larger decline than the 2.7 million barrels analysts expected. Uncertainty over the impact of Hurricane Florence, which is due to hit the Carolinas soon, also helped push US oil prices higher.
Tech stocks were lower in the afternoon as Apple (NASDAQ: AAPL) revealed that its new iPhone releases would continue the X series launched in 2017. Its new iPhone XS and XS Max offer extended battery life, better graphics, faster chips, and well as special models equipped with dual Sim cards designed specifically for China. The iPhone XR, its cheapest iPhone model, shows that Apple continues to be price-conscious even as it raises product costs across the board.