Diamonds and Dogs
Dividends paying dividends for the bank stocks. JPMorgan (JPM) is up 2.5% after hiking their dividend over 40%. The financial sector ETF is up 1.5% to a six month high. Plenty of good news for the banks with higher interest rates at a four month high, at least four dividend hikes, spin offs for various apps and divisions and rumors of a new CEO for Wells Fargo. Good day to be a banker.
Tech stocks taking a hit. The Dow Jones is up nearly a percent, but the FAANG stocks and the Nasdaq are in the red. Apple, Amazon, Microsoft, and Netflix are down over a percent. Google and Facebook are also lower. Facebook is down 26% in the last two months to a five month low. Looks like some rotation out of the best performing sector year to date.