The markets ended their win streak today as most of the major indices were lower. The Dow 30 was higher on the day by 92 thanks to a 4% move in McDonalds (NYSE: MCD) after announcing a string of layoffs. The S&P 500 sold off 2 and the Nasdaq 100 lost the most, down 54 thanks to a weak tech sector.
The FANG names didn't help support the Nasdaq 100 today as Facebook (NYSE: FB) as well as Neftflix sold off around 1.5%. Facebook announced that a "bug" accidentally made millions of users private settings public. The other names that make up the popular tech acronym were all lower on the day as well. This doesn't come as much of a surprise given the rather quick, 5% runup in the tech sector in just the last month.
In the S&P 500 it was a tug of war between strong energy names and weak tech stocks. Names like Advanced Micro Devices (NYSE: AMD) and Lam Research (NASDAQ: LRCX) were some of the worst performers in the S&P 500 which offset strong gains from energy stocks like Apache (NYSE: APA) and Anadarko Petrol (NYSE: APC) which came close to breaking to new highs.
Oil enjoyed a strong move off lows as news came out that Venezuela is about a month behind in deliveries of oil. There were also comments from OPEC that they would focus on "balancing the market" rather than reducing it's production caps. This gave investors the clue that OPEC may not raise production later this month when they meet.
Brazilian ETF (NYSE: EWZ) suffered a strong 5% decline today, moving to new lows in the process as political issues continue to hurt an already imploding economy. The EWZ is now lower by over30% since hitting highs back in January this year.