Every day when the stock market closes we update our clients and subscribers about the important or interesting things that moved the stock market and your retirement investments. We leave the opinion out...mostly. Our goal is to educate briefly on what moved the stock markets, what may be coming up, and how your investments, or retirement portfolio may have been impacted by the day's news.
Here's a look at what investors were focused on today:
Stocks were mixed again today as investors had a decent amount of news to digest. Trade concerns from the President’s address to the UN along with pending rate announcements had many investors adjusting portfolios. The Dow 30 was lower on the day by 66, the S&P 500 closed lower by 3 and the Nasdaq 100 was able to close positive once again, adding 14 points. Tomorrow, all eyes will be focused on the rate announcement as well as comments in the press conference following.
Sector News
Semiconductors (NYSE: SMH) were one of the weaker areas today as shares of Intel (NASDAQ: INTC) held the sector back. Intel made headlines as Raymond James (NYSE: RJF) downgraded the stock citing issues in their chip manufacturing process.
Utilities continued lower today as rates crept higher into tomorrow's Federal Reserve rate announcement. The interest rate sensitive areas have been taking a bit of a hit this week as it is widely expected that the Fed will raise rates tomorrow.
Stock News
Square (NYSE: SQ) shares blasted off today, hitting new highs in the process as an analyst raised his price target to $125 and says the company deserves to be the S in Fang popular acronym. This news overshadowed the company's announcement of a new payroll service app which investors also cheered.
Dunkin Doughnuts (NASDAQ: DNKN) shares showed nice gains on the day as the company joins the latest trend in rebranding. Dunkin doughnuts would now like to be called just Dunkin. They join Weight Watchers move to be called just “WW” along with Dine Brands’ Ihop change to Ihob earlier this year.
Starbucks (NASDAQ: SBUX) shares were slightly higher today as the company announced “Significant changes” to company structure including job cuts and executive changes. In a company note the CEO said that more needs to be done to boost sales and speed up the decision making process.
Pandora (NYSE: P) shares were flat on the day as an analyst reported that the stock takeover by SiriusXM was “unlikely to be approved” by shareholders given the selloff in shares of SirriusXM yesterday. The analyst commented that the deal would likely be revisited at higher price points or not happen at all. Shares of SiriusXM (NASDAQ: SIRI) continued their selloff today.
Match Group (NASDAQ: MTCH) shares were higher on the day following an announcement of a tweak in it's Tinder dating app. The company said they are testing a new feature in India which would give women more opportunity for scrutiny and security before allowing men to converse with them. Shares of match are higher by over 85% this year alone.
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Business Affairs 📧Carolyn@JazzWealth.com
