Friends
It was a difficult day for the bulls. The momentum stocks got off to a rocky start fueled by Google/Alphabet’s massive fine at the hands of the European Union, and then the Senate delaying the health care bill until after the fourth of July, sent a wave of doubt through the markets. There seems to be quite a bit of doubt already, as previously favored sectors are wearing down. As the day wore on stocks continued to slump with Nasdaq leading the way.
By the close, the Dow Jones Industrial Average was down 98 points to trade at 21,310. The S&P 500 was down 19 points to close at 2419. Gold was up $3 to trade at $1,249 per ounce, while oil was up $.88 to trade at $44.26 per barrel WTI. The aforementioned Nasdaq was down more than 1.50% for the day.
Overseas, ECB President Draghi gave European markets a bit of indigestion, being a bit more hawkish than usual which sent European shares down and yields up. Now that the Senate healthcare vote is delayed until next week, market participants will be looking/searching for a catalyst to lead into the end of the quarter. Can the bulls hold on until the quarter ends, or do the bears have the momentum at the moment? We’ll see.
Have a nice evening everyone.
