Diamonds and Dogs
Sector rotation into the banks. The financial sector is up 1.4% leading the broad market rally. Citigroup (C ) is leading the charge up 3%. JP Morgan, Goldman Sachs, Charles Schwab and Bank of America are all up over 2%. No news on the sector. CNA Financial (CNA) is higher after reporting better than expected earnings.
Truckers under pressure. C.H. Robinson Worldwide (CHRW) is down 7% along with the rest of the trucking sector after Amazon announced it is entering the truck brokerage business—which matches shippers with truck drivers. FedEx and UPS would also suffer from this move, but both stocks are higher. Uber Technologies (UBER) is also creating software platform to connect shippers and truck drivers. Looks like more competition.
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