Daily Market Recap
Stock futures pointed higher today on the strength of better than expected nonfarm payroll numbers showing 171,000 job additions. The good news carried the market for roughly an hour before heading lower. The S&P 500 closed 0.94% lower and the Dow lost 1.05%. The numbers announced today were better than expected but perhaps not strong enough in light of the spike higher yesterday in anticipation of today’s release.
Stocks in the consumer discretionary sector outperformed today. Travel related stocks performed exceptionally well. Priceline reported earnings in excess of analyst estimates on the top and bottom line, a rarity in this reporting season. TripAdvisor, a competitor of Priceline, spiked more than 19% higher on better than expected earnings. Starbucks was another consumer discretionary name that performed well today. The stock rose by better than 9% on their earnings report. They projected continued strong revenue gains and aggressive store openings.
Energy and precious metals stocks traded off all session. The materials sector was one of the weakest in the market today. Selling was aggressive from the open and continued all day across precious metals and commodity related issues. Newmont Mining was down over 6% on missed earnings. Drillers, refiners, and exploration names were all weak in the energy space. Chevron was off just over 2% as it posted earnings short of expectations.
Source: PFS Group
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