Friends
Market participants returned from the holiday weekend somewhat uninspired. The never-ending battle between the press and the President doesn’t help the situation, but by week end the focus should be on the employment picture. On Thursday we get the ADP private payroll number and on Friday we get the all-important non-farm payroll number. Remember, there is a lot of rumblings that the Fed wants to raise the Fed Funds rate a quarter of a point at the June FOMC meeting, and a good number on Friday may help seal the deal.
As for stocks, it was a quiet session with a downward tilt. By the close, the Dow Jones Industrial Average was down 50 points to finish the day at 21,029. The S&P 500 was down 2 points to close at 2,412. Gold was down $6 to trade at $1,264 per ounce, while oil was down $.31 to trade at $49.49 per barrel WTI.
Earnings season left us with some positive vibes as corporate America continues to deliver net results and future guidance that stir hope and belief. On the other hand, the political climate is so poisonous that the pro-growth Trump agenda seems to be in jeopardy. Next up is the Fed and they seem to be determined to normalize rates, but is this the right time to do it?
Have a nice evening everyone.
