[MARKET UPDATE] – Up and down on earnings

Original Link | RockwellTrading by Markus Heitkoetter

The S&P and DOW were pretty quiet today and eventually finished slightly higher.

But the NASDAQ was another story.

Seesawing back and forth for most of the day, the NASDAQended with a loss.

Today Celgene (CELG) reported disappointing quarterly results. After a big gap lower, the stock eventually finished the day with a 16.4% loss. The big drop put pressure on the NASDAQ Biotech Sector (IBB) and the NASDAQ in general, even though many big tech stocks were higher.

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Here’s where the major indices ended the day:

• The S&P finished 0.1% higher. Up 3 points, the S&P ended at 2,560.
• The DOW ended with a 0.3% gain. Losing 71 points, the DOW closed at 23,401.
• The NASDAQ was down 0.1%. With a 7 point loss, the NASDAQ finished at 6,557.

Crude Oil (CL) had a big move higher today. Up 1.0%, CL finished at $52.69 a barrel with its best close in almost 5 months.

CVS (CVS) and Walgreens (WBA) took huge hits today (down 2.9% and 3.2% respectively) after Amazon (AMZN) was granted its pharmacy license. CVS recovered some of today’s earlier losses after reports circulated that the company was looking to buy Aetna (AET) for over $200/share.

All eyes are on Amazon tonight. Amazon (AMZN) is reporting what looks like a monster quarter after the bell. It’s currently up over 7% in after hours trading at $1,050/share. Alphabet (GOOGL) also looks like it beat quarterly estimates as it trades 3% higher after hours.

Tomorrow’s economic calendar includes Advance GDP at 8:30am ET and Revised Consumer Sentiment at 10:00am ET. We’ll also hear from Exxon (XOM) and Chevron (CVX).

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