The markets experienced their worst day in months today as news of potential obstruction of justice by President Trump caused a wave of selling pressure. The markets were lower all day long with little signs of buyers. The Dow 30 sold off a whopping 347, the S&P 500 lost 43, and the Nasdaq 100 was the worst performer, losing 158 all on the one headline. Financials (XLF ) were one of the hardest hit today, losing 3.15% and holding the markets lower. Technical traders expect the volatility to continue as these headlines continue to pressure the markets.
Colgate-Palmolive (CL ) shares bucked the market trend today gaining 5.73% as it seems they may be willing to sell. The stock surged higher today when a report came out from the New York Post stating that "CEO Ian Cook signaled at a recent meeting with institutional investors that he would be open to selling the company for $100 a share." While there are currently no official suitors out there, it seems that investors cheered the idea, sending shares to new highs.
Disney (DIS ) shares sold off another 1.53% today adding to the multi-week selloff as Macquarie downgraded the media giant to neutral from from outperform. In the report the analysts commented that "the company's cable exposure and declining subscribers at its ESPN network." Since hitting a high back on April 27th shares have slid over 8%.
Jack in the Box (JACK ) shares were able to show some green today adding 5.63% on the day. The stock enjoyed gains after releasing their earnings report which came in better than expected on earnings and revenue. The company is also staying "focused on potential alternatives for Qdoba", it's Mexican restaurant chain which has struggled against rival Chipotle (CMG )
