Day Traders Diary
The major averages closed lower today as House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continued their negotiations on a new fiscal stimulus package. The Dow Jones Industrial Average fell 97 points, or 0.4%. Earlier in the day, the 30-stock average traded more than 100 points higher. The S&P 500 dipped 7 points or 0.22% while the Nasdaq Composite slid 31 points or 0.28%.
Netflix shares fell nearly 7% after the company reported disappointing earnings and reported fewer-than-expected subscriber additions. Goldman Sachs and Boeing were the worst-performing Dow members, falling 2.5% and 2%, respectively.
Those declines were somewhat mitigated by a 28.3% jump in Snap shares. The social media company's stock rallied on the back of on stronger-than-expected results for the previous quarter. Snap's surge pushed the stock to an all-time high and lifted Facebook, Twitter and Alphabet. Facebook closed 4.2% higher and Twitter gained 8.4%. Alphabet shares advanced 2.3%. A Deutsche Bank analyst said in a note that Snap's results implied a "bonanza for online advertising."
Om the earnings front, Netflix fell 6% after missing subscriber estimates. Verizon, Abbott Labs and Texas Instruments closed lower despite each reporting better-than-expected earnings results and providing upbeat guidance. PayPal jumped 5% after the company told investors they are implementing cryptocurrency services.
In the Treasury market, the 10-yr yield increased for the fifth straight session, closing two basis point higher at 0.82% on growing expectations for inflation resulting from another stimulus package. The 2-yr yield was unchanged at 0.15%. The U.S. Dollar Index fell 0.5% to 92.64.
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