Friends
Earnings were good. Economic data was good. Stocks rallied on the open. Then all of a sudden, mid-day, market participants decided to take some profits on the momentum darlings; and stocks, led by Nasdaq, dipped into negative territory. The Dow was able to hold onto gains, again led by Boeing, but the S&P was not. On the economic front, the Durable Goods numbers was way better than expected, led by aircraft orders, which leads us into tomorrow’s first look at 2nd quarter GDP.
As for stocks, by the close the Dow Jones Industrial Average was up 85 points to finish the day at 21,796. The S&P 500 was down 2 points to close at 2,475. Gold was up $10 to trade at $1,259 per ounce, while oil was up $.33 to trade at $49.08 per barrel WTI.
We get a bunch of earnings releases after the bell, including Amazon and Starbucks, so tomorrow’s open should be eventful. As mentioned we get our first look at 2nd quarter GDP and expectations are for growth to come in at 2.6%. So we will have a lot to chew on tomorrow as the week comes to a close. We’ll let you know how it all plays out.
Have a nice evening everyone.
