Market Brief: Risk Rally Relaxes into the Close


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  • US indices closed higher on the day, though off the best levels after an afternoon fade.
  • Energy (XLE) was by far the strongest sector on the day, while defensive Utilities (XLU), Consumer Staples (XLP), and REITs (XLRE) brought up the rear.
  • Stocks on the move:
    • Berkshire Hathaway (BRK.B) gained 1% today after reporting its biggest ever operating profit, boosted by record earnings at BNSF. The company’s cash stockpile now sits at $128B.
    • McDonald’s (MCD) dropped -3% after its CEO was ousted following a relationship with an employee.
    • Under Armour (UA) confirmed it was the subject of a government probe into its accounting, driving the stock down -18%.
    • Uber (UBER) reported a net loss of -$0.68 per share on slightly lower gross bookings than expected. The stock is trading down by -4% in volatile after-hours trade.


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