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T3's Take 3: US Market Rally Fizzles Out, Chipotle Looks Sick


Today's financial recap and tomorrow's financial outlook.

Market Roundup

US market had another lackluster day as an early rally nearly fizzled out by day's end as traders took profits after a strong weak for equities.

The S&P 500 gapped higher but drifted lower throughout the entire day, eventually filling the gap by the end of day. 

The index finished at 2089.17, up 0.4%.

The NASDAQ was slightly stronger with a 0.6% gain as Apple (AAPL) rose for the third straight day.

Crude was positive for most of the day and almost hit $43, but ultimately fell 0.3% as concerns regarding oversupply continue to weigh heavily on tentiment.

Retail stocks (RTH) had another strong day today and closed up 1.2%.

Biotechnology stocks outperformed in early trading, but fell into the red by the close.

Chipotle Under Fire

Just as things were starting to settle down for Chipotle Mexican Grill, Inc. (CMG), the company was hit with more bad news.

The Center for Disease Control said that Chipotle's E. coli breakout has spread to 45 people in 6 states.

The fallout from this has been swift as CMG shares fell 12.3% to $536.19.

From a technical point of view, CMG has been in a downtrend since mid October, and today's action only accelerated the pace.

Chipotle shares are now down 21.9% year-to-date.

Draghi Teases Stimulus

ECB President Mario Draghi sent the euro lower by hinting that more stimulus is on the way.

In a speech in Frankfurt, Draghi said "if we decide that the current trajectory of our policy is not sufficient to achieve that objective, we will do what we must to raise inflation as quickly as possible."

He added "we will not ignore the fact that inflation has already been low for some time."

As a result, traders sent already-negative short-term European bond yields even lower, with the German 2-year hitting a record low today at -0.39%.

European equities traded sideways.

Monday's Financial Outlook

On the US economic calendar, we have the  Chicago Fed Nat Activity Index , US Manufacturing PMIand Existing Home Sales reports on tap. 

In Global economics, French and German Flash Manufacturing PMI's will be released.

In earnings, Gamestop (GME), Tyson Foods (TSN), and Palo Alto Networks (PANW) report earnings.
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