Friends
Well, once again the stock market seems to have no memory from day to day. Nasdaq is wildly flailing in different directions on a day to day basis – down big Monday, up big yesterday, and down big again today. The rest of the market already looked weak even before today’s disappointing ADP private payroll number, as stocks opened lower and stayed in negative territory for the entire trading session.
By the close, the Dow Jones Industrial Average was down 158 points to finish the day at 21,320. The S&P 500 was down 22 points to close at 2,409. Gold was up $2 to trade at $1,224 per ounce, while oil was up $.14 to trade at $45.27 per barrel WTI.
We get the non-farm payroll number tomorrow morning and analysts expect that about 170,000 new jobs were created in June. Just as important might be the average hourly earnings component of the jobs report. Will the tightening labor market continue to push up wages, thus causing future inflation concerns? Let’s see what the jobs report looks like and how the week finishes out tomorrow. Will the see saw continue?
Have a nice evening everyone.
