October 30, 2018

A triple digit rally yesterday turned into a triple decline as technology stocks once again sold off in what has become an all too familiar theme this month and tech stocks were once again falling at the open today weighing on the overall market.  The market is not going to sustain a rally without tech stocks.

The Dow opened -20

At the close:

  • DOW +432 to 24875
  • S&P +41 to 2683
  • NASDAQ +111 to 7162
  • OIL -.90 to 66.20
  • GOLD -2 to 1222

In corporate news shares of former Dow component GE lost another 9% to a 9 year low after the company reported disappointing quarterly results and cut their dividend to a penny, but shares of Under Armour bucked the trend and were 25% higher on a better than expected quarterly report that featured increased guidance.  Their success came mostly overseas.  Shares of Texas Road House lost 6% after a disappointing quarterly report followed by several analysts downgrades.