Stocks eked out a gain today with the Dow up 9 points to 23,566 on lighter trading volume. Bank stocks were weak thanks to raising doubts about the tax reform package that is currently being debated on the hill. The markets might see more sideways volatility as earnings are winding down and the tax package is debated. Tech stocks are on the rise again as the NASDAQ looks to be exerting market leadership.
In earnings news Snapchat shares were crushed or went “snap crackle flop” after the company missed numbers with a 62% revenue rise while posting a net loss. CEO Evan “Smegel” Spiegel shocked the gurus when he said the company needed to basically rework its product and make it better. News that Chinese internet giant Tencent had purchased a significant chuck of Snapchat stock last quarter did little to prevent the selloff althought I suspect Tencent CEO MA Hautang (Pony Ma) is not happy with todays western style haircut.
WTI crude oil slipped back below $57 per barrel thanks to a surprise increase in US crude oil stockpiles. Natural gas prices continue to creep higher rising a fraction to $3.15 per mmbtu.