Friends Despite earnings that are coming in a little better than expected in many cases, stocks are struggling. Again, we have wondered whether this was going to be the case, as share prices were at all-time highs when this earnings season began. Today, we saw stocks struggle out of the gate and continue to drift lower as the trading session wore on.
By the close, the Dow Jones Industrial Average was down 115 points to finish the day at 27,219. The S&P 500 was down 19 points to close at 2,984. Gold was up $16 to trade at $1,427 per ounce, while oil was down $1 to trade at $56.62 per barrel WTI.
It’s so interesting to see if earnings, if disappointing, will cause stocks to fall, or will the likelihood of a Fed interest rate cut be a backstop that keeps stock prices afloat. We’ll soon see which is the stronger force. Stay tuned.
Have a nice evening everyone.
