The markets were sharply higher to start the week as it was announced that the US had reached a deal with Canada on the NAFTA trade agreement, which President Trump called a "good deal for both sides." The Dow 30 was higher by 198, the S&P 500 added 10, and the Nasdaq 100 closed lower on the day by 9.
Sector News
Banks recovered from their recent slide as the sector erased all of Friday's losses. The sector has been notably weak of late and has lost on 6 of the last 7 trading days. Many of the large banks showed decent gains today, helping to support the overall sector.
Crude Oil continued its push higher today with a strong move of over 3%. The price per barrel shot up over $75 for the first time in almost four years as global supply and politics continue to be bullish for crude.
The Canadian dollar (NYSE: FXC) shot higher by almost 1% today as the NAFTA deal was announced. The CAD has now hit its highest pricing relative to the dollar in over three months.
Industrials were the leading sector in the S&P 500 today thanks in part to names like Boeing (NYSE: BA), which added more than 1% on the day. Technical traders note the breakout on the stock as well, which helped support pricing all day.
Stock News
Tesla (NASDAQ: TSLA) was one of the main focus stocks today as it was announced over the weekend that CEO Elon Musk had reached a settlement deal with the SEC for his "take private" tweets sent back in August. Musk will have to pay $20 million along with Tesla and will have to step down as chairman. While he may remain CEO, the company will be required to bring in two independent directors. This news sent shares back to where they were just before the SEC charges were announced.
General Electric (NYSE: GE) shares were higher by double digits today as the company announced that it has replaced CEO John Flannery with Lawrence Culp. Sources close to the deal said that slow decision making was one of the reasons for the change. Shares still remain near their yearly lows despite today's news.
Chipotle (NAYSE: CMG) shares continued their recent downtrend as the stock was downgraded by Oppenheimer to underperform. The company says that Wall Street is too optimistic about the future earnings of the company and the trajectory of that earnings expectation.