Thursday’s Closing Look

Stocks fell on Thursday as investors digested the latest round of economic and earnings data. Shares of Netflix (NFLX) gapped up after the company said it is investing $1 billion in original content and posted strong subscriber growth. Several Trump cabinet nominees testified before Congress and so far everything seems to be going smoothly. Economic news was mixed. Weekly jobless claims slid 15,000 to 234,000, which is near the lowest level in 40 years. Separately, Housing starts, vaulted +11.3% in December easily beating estimates. The Philadelphia Federal Reserve business conditions index rose to 23.6, beating the Street’s 15.8 estimate.

Gary’s Thoughts: Icky day. BUT no major index has broken any kind of even short-term support. Keep that in mind, though there has been some deterioration. Continue to watch them financials.