The markets were lower initially as earnings from Deere (DE ) and weak Chinese earnings held back the global markets. Mid-morning consumer sentiment numbers came in better than expected which pulled the markets into the positive. By the afternoon however as CNBC reported that China trade talks have officially stalled. This sent all the major indices back into the red. The Dow closed the day lower by 98, the S&P 500 sold off 16 and the Nasdaq closed the day down 81.
Next week starts with Fed speak on Monday morning as well as the Fed Chairman talking in the evening. Healthcare investors will be focused on the UBS HealthCare conference which starts Monday as well.
Semiconductors continued their weakness today following yesterday's Huawei news that the U.S. would ban them and their associates. The semiconductors are a vital part to the overall support of the market and were one of the culprits that held back the broad markets today.
For the most part, many of the other areas of the market remain in a vulnerable position following this weeks volatility. Investors will turn to next week's schedule of news for more clarity on the health of the Chinese markets, tariffs, and U.S. economic news.
Pinterest (PINS ) shares were in focus today as the stock sold off double digits following their earnings report. In their first earnings report since being public the company showed a loss of $41 million on revenue if $201 million. The loss was blamed on adding new employees and they guided lower for the current quarter as well.
Luckin Coffee (LK ) shares had a rather successful IPO today as the company sold more shares than anticipated raising $561 million. Luckin is technically the second largest coffee chain in China though it is a distant second to Starbucks (SBUX )
Baidu (BIDU ) along with many other Chinese names sold off hard today. Biadu shares saw a double digit sell off as the company showed a quarterly loss for the first time since 2005 when they IPO'd. The company also offered guidance for the current quarter that was below expected as they deal with a slowing Chinese economy.