Good Evening!
The DJIA fell 2.05% The S&P 500 was down 2.61% The Nasdaq Composite slipped 2.50%
Energy led the market, as Industrials slipped.
General Market Review
Industrials
Boeing reported lower-than-expected earnings of $-15.25 compared to expectations of $-1.60. They beat revenue estimates, yet the stock is down about 4%. The earnings miss is largely due to the grounding of 737 Max jets and delaying the 777-X program.
Tech
Microsoft beat analyst estimates in their quarterly report, reporting earnings of $2.04. Microsoft was up .25%. Investor attention was on the short squeeze. GME was up 134% and AMC gained 301% today. This speculative behavior worries investors on whether it is a sign the market is overvalued.
Energy
Oil prices increased today due to a large fall on US crude oil stockpiles. This fall was caused by a sharp decrease in imports and 2.3-million-barrel drawdown in stocks in Oklahoma. Valero Energy added 1% and ExxonMobil slipped 1%.
