Dow: -11.98…
Nasdaq: +8.02… S&P: -0.33.
A day of slight moves ended three consecutive sessions of gains for the S&P while the Nasdaq Composite Index extended a three-session rally to close at a fresh high.
The market employed some caution ahead of tomorrow’s policy statement from the European Central Bank. The central bank is scheduled to release its September rate decision at 7:45 ET while ECB President Draghi is scheduled to speak at 8:30 ET.
The technology sector (+0.2%) finished ahead of the broader market as top-weighted AAPL moved .06%. The Dow component jumped 0.6% after unveiling the iPhone 7 (boring) and a new iteration of the Apple Watch. Meanwhile, fellow heavyweight Facebook rose 1.0% after Morgan Stanley issued some bullish commentary on the name. Conversely, the high-beta chipmakers underperformed.
Biotechnology led in the health care space (-0.1%) as IBB ended higher by 0.7%. In the ETF, GILD outperformed after noting that it continues to examine potential M&A options, but would prefer to partner with a more mature company with a revenue stream. At this point whether they get bought out or buy someone else would be a good thing.
We caught a great pop on ERII today and I sold half for a quick +15% in a day. The stock looks good, so we’ll hold the rest for now.
Not much to cover tonight, but the ECB will be of interest tomorrow. we also have the fed coming up in a week, so the market may look for a reason to stress, but it probably shouldn’t.
See you in the morning.