The Closing Look

Stocks opened higher but closed lower on Thursday as investors digested the latest round of economic and earnings data. It was another busy day for earnings with shares of Service Now (NOW), Twitter (TWTR) and Tesla (TSLA) among the companies that rallied after reporting numbers while shares of Lending Tree (TREE), O’Reilly Automotive Inc (ORLY, and GNC (GNC) fell after reporting earnings. Economic data was also mixed. Before the open, Durable Goods fell -0.1%, missing estimates for +0.2%. Jobless claims came in at 258k, compared to the Street’s estimate for 255k. Meanwhile, Pending Home Sales grew by +1.5%, beating estimates for +1.0%. Elsewhere, sovereign bonds fell around the globe.

Gary’s Thoughts: Market a lot worse today than the Dow…a lot! But…money flows into financials huge help in keeping major indices above support but russell 2000 deeper break of support. Tomorrow another day but first, we get AMZN and GOOG.