Day Traders Diary
The S&P 500 and Nasdaq Composite reached all-time highs today, propelled by a rally in chip stocks and the tech sector, shrugging off regulatory concerns, and focusing on earnings. The Dow Jones was the one index to decline today, down 79 points closing at 27,269 thanks to disappointing earnings at Boeing and Caterpillar.
The semiconductor sector rose 2.7% led by a rally in Texas Instruments and their better-than-expected quarterly earnings. UPS jumped more than 8% after posting earnings and revenue that topped analyst expectations. The company said higher demand for its Next Day Air and Ground services drove its strong results. AT&T reversed course closing up 3% following earnings and strong cash flow. Other stocks rising more than 5% following earnings include Northrop Grumman, Chipotle Mexican Grill and Snap. Boeing shares dropped 3.1% after the aerospace giant posted a massive loss for the previous quarter. The loss comes as costs pile up while its 737 Max jet remains grounded. The company also warned it could suspend production of its flagship jet if delays worsen.
Caterpillar shares slid 4.5% after the company reported weaker-than-expected earnings and revenue amid rising costs. The company has been under pressure as U.S. tariffs on Chinese goods remain in place while the two countries try to work out a trade deal.
The S&P 500 communication services and the financials rose 0.9% as the best performing sectors for the day. Conversely, the consumer staples, real estate and materials sectors finished lower.All comments contained herein are for informational purposes only, and should not be considered as a solicitation to buy or sell any security. The firm does not guarantee the accuracy or completeness of the information or make any warranties regarding results from it's usage.