Stocks moved lower as the Dow Jones Industrial Average pulled back from its recent highs and crude oil tanked the energy sector. Banking stocks had lifted the Dow to records, a rally that appears to have ended. An improved economic outlook helped to boost consumer sentiment in early November. The University of Michigan's index rose to its highest since mid-2016. A final read on sentiment will be released in just under two weeks. Michael Kors (KORS) fell after issuing a disappointing outlook. The fashion and accessories retailer also reported weaker second-quarter results than expected as a decline in tourism and drops in mall traffic affected sales. Nvidia (NVDA) surged after breezing past analysts' profit and sales estimates over its recent quarter. The chipmaker nearly doubled its earnings, while sales rocketed 54% higher. Nvidia also upped its dividend.
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How quickly do we find support, is what we'll want to know now, as the correction is occurring while economic optimism builds.
Despite the president's promise of no stimulus until after Nov. 3, there are no signs yet that this is the sort of correlated selling that leads to a deep correction.
Salesforce, Amgen and Honeywell will give a lift to the DJIA going forward.
CAG has hung onto the bulk of its recent gains, and could rise to the $50 area, according to the charts and indicators.