No news is good news- Lack of trade war news was a welcome development for the markets today.  There is a sea of green across the screen in a broad base rally led by transportation. The Dow Jones Transportation Index, DJT, is breaking out into new high territory, closing above 11,436 (currently 11,517) would be a new closing high. 

Truckers continue to garner investors’ attention. Trucking company Werner (WERN) is driving (pun intended) the group into new high territory, trading higher by 5.7% on above average volume. Greenbrier (GBX), a railroad freight car manufacturer, is another transportation stock doing well today. GBX is trading higher by over 4% on good volume. 

Building material stocks, BECN, HD, LOW, LPX, GNRC (generators) and BLDR are higher as Hurricane Florence was just upgraded to a category 4 hurricane and is heading to the Carolinas and Virginia coasts, those states have been declared in state of emergency. The storm is anticipated to make landfall early Thursday morning.

Weakness can be found in Chinese stocks.  Alibaba (BABA) is lower on news that co-founder and CEO Jack Ma will step down as chairman a year from now on September 10, 2019.  Ma, who was inspired by Bill Gates, commented that he will never be as rich as Bill Gates but can do one thing better than him, retire earlier.  Jack Ma is one of China’s richest men with a net worth of approximately $38.5 billion.  

Breadth:

• NYSE advances 1,787 to declines 1,139; new 52-week highs 86 to new lows 67
• Nasdaq advances 1,496 to declines 1,410; new 52-week highs 92 to new lows 73