The markets started the day with a strong move higher as investors looked at the recent drop as a bit of a discount. The bears were quick to sell as news broke that President Trump would put tariffs on additional goods from China should the meeting at the G20 summit next month not go well. Tariffs would begin in December unless a compromise is reached at the G20 meeting. With this news, the Dow sold off 248, the S&P 500 closed lower by 17, and the Nasdaq 100 closed lower by 116.

Political news aside, this is another big week for earnings. There are still many big names left to report which will undoubtedly cause more volatility in stocks as well as their respective sectors.

Sector News

Financials were higher today as the sector continues to recover from its sharp decline over the last few weeks. Bank stocks pushed higher by over 2% as the day began but slowly sold off from their highs. Ultimately the banks still closed higher on they day by a fraction of a percent.

Semiconductor stocks were also mostly higher to start the day but news of a UK tax, as well as selling pressure across the entire sector, made the semis reverse course and close at lows.

Stock News

IBM (IBM  ) shares were lower today, but made headlines as the company has decided to buy Red Hat (RHT  ) for about $33 billion in cash. This equates to about $190 per share, which would be the biggest acquisition ever for IBM. Red Hat shares traded higher by nearly 50% on the announcement of the deal.

General Electric (GE  ) shares were slightly higher today ahead of the company's earnings announcement which could include a cut or all-out suspension of their dividend. The news of the possible cut in the dividend sent shares higher as many saw it as a good way to conserve cash, which ultimately could help the business in their restructuring efforts. Last November the company cut their dividend by 50%.

Ford (F  ) shares were higher on the day thanks to an upgrade from Goldman Sachs (GS  ) to buy from neutral. The company also raised their price target to $12 from $9, saying that they would see an "earnings trough in 2019" thanks to cost improvements and adjustments to the product lineup around the world.