Daily Market Recap
The markets traded down again today. The S&P 500 was off 0.62% on the day, down roughly 2% and 0.5% on a weekly and monthly basis, respectively.
Technology and industrial stocks were also down. Even with Apple trading higher the tech sector was again weak. Semiconductor names continue to come under pressure. Industrial names sold off on fears regarding global growth forecast cuts.
Energy lagged the market today. Chevron put a damper on the entire sector on its announcement that they see third quarter earnings well below the second quarter. Every industry within the sector traded lower.
Healthcare traded lower as the biotech space saw sellers in response to negative news from Celgene. Medical technology stocks also traded lower as money moved out of those areas into hospital stocks.
Financials traded better than the overall market today. Financials were the only sector to trade higher. Banks and brokers were in favor. The large banks that have heavy exposure to mortgages and capital markets were strong.
Costco and Wal-Mart were both leaders today. Costco reported better than expected earnings and the stock reacted favorable. Wal-Mart gave favorable guidance and both stocks were well ahead of the sector and the overall market.
Source: PFS Group
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