January 8, 2019

Stocks rose in todays’ session as large tech companies like Apple and Amazon outperformed while investors remained cautiously optimistic the US and China could move forward on a trade deal. Apple shares rose after CEO Tim Cook tried to ease some of the concerns plaguing the tech giant. Amazon, Facebook, Netflix and Alphabet also gained, adding to the so-called FAANG socks sharp rise since late December. Since the lows in December, Facebook has surged over 12%, Amazon up nearly 25% and Alphabet up 35%. At the end of the day, the markets continue on their climb higher from the lows of December, closing in the green across the board:

DOW +257 at 23788
SP500 +24 at 2574
NASDAQ +73 at 6897

The 10 Year Treasury yield closed up 3.5 basis points to yield 2.71%
Oil prices closed +1.18 at 49.70 a barrel, rallying for the 7th day
Gold prices closed -4.00 at 1285.90 an ounce

In the days’ stock news:

  • Bank shares struggled after Jeffries downgraded J.P. Morgan. The bank fell of .6% for the day, while Wells Fargo and Bank of America also posted losses.
  • Chipmakers traded lower with Nvidia and Applied Materials both falling more than 2%. The decline came after Samsung slashed its 4Q earnings guidance due to lackluster demand for memory chips.