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Markets Flatline Ahead of Friday's GDP Report


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

Markets remain mixed and stuck in a trading range as economic data is still coming in over the place all over the place.

Jobless claims were above expectations. However, pending home sales were well ahead of expectaions.

All three major indices closed down today, led by the DJIA, which finished  0.2% lower.

Crude oil futures were up as US inventories fell by 2.8 million barrels in the last week vs the expected 857,000 barrels. This was the fourth crude draw in a row, but the first that actually resulted in a crude oil price increase.

Cybersecurity was the best performing sector today as the Purefunds ISE Cyber Security ETF (HACK) closed up 1.1%.

Housing stocks also performed well off this morning's positive housing data, and materials and utilities names also gained.

Transports fell on the increase in oil prices.

The highly watched biotech sector wasn't able to keep up yesterday's momentum The NASDAQ Biotechnology ETF (IBB) dropped 0.6% and the S&P Biotech ETF (XBI) closed down 0.2%.

In earnings, Abercrombie & Fitch (ANF) had by far the best performance. Shares rallied 13.5% despite a major earnings miss. The stock rallied on better-than-expected same-store-sales and hopes of a successful turnaround.

Tech Data Corp (TECD) closed up 4.3% on a strong earnings beat and an announcement that the company had acquired assets of privately-held Signature Technology Group.

Seadrill Ltd (SDRL) fell 6.0% despite its earnings beat after the company said it expects a challenging environment.

Flowers Foods (FLO) was the worst performer of today's earnings names. Shares closed down 6.2%.
GoPro (GPRO) shares rallied 6.6% after CEO Nick Woodman announced yesterday that the company will be entering the drone and virtual reality markets. GPRO will develop a quadcopter drone that is expected to go on sale next year, and a virtual reality camera due out later this year.

Tesla (TSLA) shares rallied 1.6% after it announced plans to partner with Irish company Gaelectric to introduce the Tesla Battery to Ireland.

Friday's Financial Outlook

For tomorrow's US economic news, we have revised Q1 GDP, Core PCE, ISM Milwaukee, Chicago PMI, University of Michigan Sentiment, and Baker Hughes US Rig Count data on tap.

Global economic news will include Japanese housing starts, Swiss GDP and KOF leading indicator, German retail sales, and Canadian GDP.

Tomorrow's pre-market earnings' announcers will include Big Lots (BIG), and Scotiabank (BNS). There are no earnings reports scheduled for after the close.
No positions in stocks mentioned.
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