Stocks opened higher this morning but spent the day going in and out of positive territory with the NASDAQ being the only major index to finish up. In economic news, housing starts came in lower than the expected 1.1 million.
Dow Jones -209 at 25,871
S&P 500 -18 at 3,098
NASDAQ +3 at 9,946
The 10 Year Treasury closed flat yielding 0.70%
Oil prices closed up $0.73 ending at $39.57 a barrel
Gold prices closed up $24 ending at $1,756 an ounce
The days’ stock news:
- Shares of Alibaba, which are up 26% since the March lows, opened higher after reporting over $98 billion in profit during 618, one of China’s biggest shopping events. However, the stock finished down over 1%.
- After jumping 15% yesterday, Spotify’s stock increased another 3% today. This is due to the company being upgraded at Rosenblatt Securities, which raised its revenue forecasts citing the signing of podcasts deals with multiple celebrities.
- Shares of Slack Technologies dropped 3% after being downgraded at Goldman Sachs, which cited the potential for a battle Microsoft’s Teams platform for market share.