In Today's Update:
1) Stocks closed out another quiet trading session with slight losses despite a stronger-than-expected GDP report. The Dow Jones Industrial Average dropped 69.16 or 0.27%, the S&P 500 fell 7.89 or 0.28% while the Nasdaq 100 closed lower by 21.98 or 0.29% and the Russell 2000 finished lower by 5.50 or 0.35%.
2) Crude Oil Futures managed to post a modest gain of $0.31 or 0.54% while Gold Futures dropped $6.70 or 0.51% after a rebound in the U.S. dollar. The Bond market traded lower and the yield on the 10-year treasury note settled at 2.720%.
3) Huge news after market hours for both Gap Inc. (GPS) and Tesla Inc. (TSLA). GPS announced that they will split into two public companies making Old Navy a standalone company. This sent shares of GPS soaring after hours while TSLA announced that they will begin selling the long-awaited Standard Model 3 starting at $35,000 and will be moving all sales online moving forward.