The markets traded back and forth from positive to negative today as investors digested the strong sell off over seas as well as the Muller report, last week's yield curve inversion and Apple's new product event. The Dow 30 ultimately closed higher on the day by 15, the S&P 500 lost 2, and the Nasdaq closed lower by 5. The Russell 2000 was the best performer with a gain of 0.66%
Sector News
Gold and Gold mining stocks moved higher today as investors began their week with similar concerns of global slowdown that carried over from last week. Gold, which has been in a steady uptrend made new highs on the month.
Oil was one of the many areas of the market that saw weakness today with many investors trying to wrap their heads around the possibility of slowing economies and possible recession. Oil continues to stair step higher but over the last few days has pulled back towards prior support. Technical traders note the support of the pullback today.
Stock News
Boeing (BA ) shares were once again in the headlines today, helping support the Dow in early trade as the company hosted pilots, regulators and technical experts on the 737 Max to help review the software upgrade on their 737 Max planes. The company also announced they would be holding an information session on Wednesday as it moves quickly to get planes back in the air. Shares ended higher on the day, staying just above their 200 day moving average.
Biogen (BIIB ) announced a $5 billion share buyback which comes just days after shares plummeted over 30% as the company scrapped it's promising Althzheimers mediaction. The company already has another share buyback program in place with about $2 billion left. Shares remain near 52 week lows.
Tesla (TSLA ) shares moved towards the lower end of their downtrend channel today as the company is reportedly experiencing slowing sales. Shares were lower on the day as the company announced a small increase in pricing along with an analyst from RBC lowering their price target to $210 from $245.
