What's moving markets today
US oil prices fell 1.9% to $51.59 a barrel. That breaks a nine-day winning streak, the longest since January 2010.
Despite the slide today, crude is still trading 21% above its Christmas Eve settlement price of $42.53 a barrel. Fears about excess supply and waning demand sent crude crashing into a bear market in the fall.
Wall Street is making another comeback.
After sliding as much as 204 points earlier, the Dow was down just 45 points at 1 p.m. ET.
- The S&P 500 dipped 0.1%.
- The Nasdaq was off 0.2%.
The previously red-hot energy sector is under pressure. ConocoPhillips (COP) and EOG Resources (EOG) retreated 2%, in tandem with a slide in US oil prices. Crude is on track to snap a nine-day win streak.
GM (GM), with a 9% gain, remains today's leader in the S&P 500.
Shares of Netflix (NFLX) are trading higher — more than 4% — after a series of bullish analyst reports ahead of next week's earnings.
Raymond James upgraded the stock to a "strong buy" and increased the price target of Netflix's stock to $450 from $435. The analyst credits the popularity of "Bird Box" and "Roma" for bolstering its film efforts and boosting subscriber growth.
Yesterday, an UBS analyst boosted the stock from neutral to buy.
Netflix is up 27% for the (short) year and up 33% since January 2018.
The worst might not be over for General Electric.
Despite GE's (GE) 2019 stock surge, Gordon Haskett analyst John Inch believes the company's cash flows are likely to remain "extremely challenged."
GE fell as much as 2.5% on Friday after Inch slashed his GE price target from $10 to $7. He cited a "slower global economy," the loss of earnings from selling off its businesses, and huge question marks at GE Capital.
After plunging 57% in 2018, Wall Street optimists bid GE 18% higher so far this year. That makes GE one of the top stocks in the S&P 500.
But Inch isn't a believer in the turnaround story.
“We continue to caution that GE could be worth $5," he wrote.
CNN's Julia Chatterley spoke with Ark Invest CEO Cathie Wood about China on this morning's "First Move."
Wood says that concerns about China are "way overdone." She believes that the country's recently implemented stimulus package will be "very powerful."
Not everyone agrees. Goldman Sachs downgraded Starbucks' stock earlier today due to several issues, including China's weakening economy.
And Apple warned earlier this month it would miss its sales target for the previous quarter, mainly because of weak iPhone demand in China.
Shares of Caesars Entertainment (CZR) are hitting the jackpot — up more than 7% — on news that billionaire investor Carl Icahn is building a stake in the casino company.
The size of Icahn's stake isn't immediately known, nor are his plans for the beleaguered resort company, according to CNBC.
Caesars owns more than 50 resorts and casinos across the world, including the world-famous Caesars Palace in Las Vegas.
The big rally on Wall Street is looking a little tired this morning.
Even oil prices headed south. US crude declined 1.6% to $51.75 a barrel. Oil rallied nine straight days through Thursday, the longest up streak since January 2010.