Stocks slipped today as Wall Street digested mixed earnings results as well as President Trump’s State of the Union address. More than 55% of the SP500 companies have posted quarterly results through today and of those, 68% have beaten expectations. The President addressed issues like infrastructure spending, drug pricing and trade in last night’s speech, along with border security. At the end of the day, with the recent strong and broad based rally in the market, we saw some profit taking today. The SP500 broke its 5 day winning streak with the major indices closing in the red across the board:
DOW -21 at 25390
SP500 -6 at 2731
NASDAQ -26 at 7375
The 10 Year Treasury yield closed flat yielding 2.7%
Oil prices closed +.34 at 54.00 a barrel
Gold prices closed -8.20 at 1311.90 an ounce
In the days’ stock news:
- General Motors reported BTE results, as did Walt Disney and Snap. GM closed up nearly 2%, DIS closed down 1% and SNAP surged over 22%.
- Eli Lilly and Cummins reported earnings that missed expectations. Both shares fell in todays’ trade.
- Chipotle is scheduled to report after the bell.