The technology sector leads the rebound, but Under Armour also has a strong day on the market.
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Investors’ fears of a deepening trade war with China were soothed somewhat by optimistic tweets from President Trump today.
Technology stocks led a rebound in the market after one of the worst days of the year yesterday when China imposed new tariffs on American-made goods. The Dow and S&P 500 indexes were up 0.82 percent and 0.8 percent respectively while strong tech stocks helped the Nasdaq Composite post a 1.14 percent gain. The Entrepreneur Index™ closed the day up 0.72 percent.
Technology stocks suffered the worst of the sell-off in markets over the previous two days but bounced back nicely today. Software maker salesforce.com (3.21 percent), and the two chip-makers Analog Devices (2.42 percent) and NVIDIA Corp. (2.25 percent) led the pack. Amazon (0.96 percent) and Netflix (0.1 percent) both had gains, but Alphabet Inc. and Facebook fell 0.94 percent and 0.42 percent, respectively.
Apparel makers were also pummeled yesterday on fears of an extended trade war with China. Under Armour Inc., however, was up 3.25 percent today, the biggest gain on the Entrepreneur Index™. Ralph Lauren Corp., on the other hand, had another difficult day, dropping 3.66 percent after reporting financial results this morning. The branded clothing-maker beat earnings and revenue estimates but reported weak sales in North America, its largest market. The stock was down 4.8 percent yesterday.
Tyson Foods had one of the biggest gains on the index today, rising 2.51 percent after getting an upgrade to outperform from a Credit Suisse analyst. The analyst suggested that the outbreak of African swine fever could result in significantly higher pork, chicken and beef prices. Tyson shares are up 52.8 percent so far this year.
Other good gains on the index today included Tesla (2.33 percent), Boston Scientific Corp. (2.2 percent) and asset manager Franklin Resources (2.14 percent). Chipotle Mexican Grill was also up 2.31 percent today. The stock is up a whopping 62.9 percent this year.
Only eleven stocks of sixty on the Entrepreneur Index™ fell today. Other than Ralph Lauren, most of the losses were small. REIT Extra Space Storage, one of only three stocks on the index that posted a gain yesterday, was down 0.92 percent. Discount retailer Dollar Tree Inc. also fell 0.59 percent.
The Entrepreneur Index™ collects the top 60 publicly traded companies founded and run by entrepreneurs. The entrepreneurial spirit is a valuable asset for any business, and this index recognizes its importance, no matter how much a company has grown. These inspirational businesses can be tracked in real time on Entrepreneur.com.