Only 3 of the 11 S&P sectors finished higher, with energy (XLE +2.6%) shinning again, after the U.S. reported crude inventories fell by 2.6M barrels last week. On the flip side, consumer staples (-1.3%) ended at the bottom of the sector standings, weighed by General Mills' 8.9% drop after lowering its FY 2018 profit guidance, and techs (QQQ -0.43%) underperformed even as Facebook bounced +0.7%.
U.S. Treasury prices finished mixed, as the benchmark 10-year yield rose 3 bps to 2.91% while the Fed-sensitive two-year yield lost 3 bps to 2.31%.
Crude +2.91% to $65.39. Gold +1.69% to $1,333.80. US Dollar UUP -0.8%.
On the NewsZuckerberg finally responded to recent events "We have a responsibility to protect your data, and if we can't then we don't deserve to serve you." "I've been working to understand exactly what happened and how to make sure this doesn't happen again. The good news is that the most important actions to prevent this from happening again today we have already taken years ago. But we also made mistakes, there's more to do, and we need to step up and do it." FB was up to $173 at some point today.
Google is working on blockchain-related tech for its cloud business, according to Bloomberg.
OK, now we get the rate hike, what's next? Tomorrow Trump will roll out the plan of tariffs on $60B Chinese goods. It could be ugly.
WinnersFB +0.7% finally finds bottom. TWTR +4.4%, SNAP +3.6%...
Energy sector is strong, covering almost all the big winners: RRC, MRO, NFX, NBL, HP, APC, APA, HES, DVN....
Tesla +1.9% shareholders approve to grant Musk $2.6B in stock options over 12 tranches in 10 years, tied to performance milestones.
MOMO +2.7%, however, YY -0.6%.
LosersJWN -3.3% as company breaks off go-private talks with family.
GIS -8.9%, guiding 2018 earnings below consensus, despite ER beats. “Like the broader industry, we’re seeing sharp increases in input costs, including inflation in freight and commodities,” the company says. "We are moving urgently to address this increasingly dynamic cost inflation environment." This is alarming. Fed rate hike might be too slow too late. SJM -4.2%, K -4%, CAG -2.9%.
LUV -4.8% after lowering Q1 RASM outlook.
In After-hourFive Below (FIVE -2.7%): Q4 EPS of $1.18 beats by $0.02. Revenue of $504.8M (+30.1% Y/Y) beats by $2.06M.
Guess (GES +3.6%): Q4 EPS of $0.62 beats by $0.08. Revenue of $792.16M (+17.5% Y/Y) beats by $36.52M. Shares +11% in AH.
My Trades TodaySold half FB @ $172 to reduce weight back to normal
Sold YY @ $130