Friends
Enthusiasm for last Friday’s trade deal news cooled some today as the bulls took their foot off the accelerator, and stocks drifted mainly in negative territory for most of the trading session. It is likely that market participants will be switching their focus to corporate earnings as the week unfolds with the likes of United Airlines, Johnson & Johnson, and several financials including J P Morgan Chase, Wells Fargo, Goldman Sachs, Charles Schwab and Northern Trust all reporting tomorrow.
As for today, the Dow Jones Industrial Average was down 29 points to close at 26,787. The S&P 500 was down 4 points to finish the day at 2,966. Gold was up $7 to trade at $1,496 per ounce, while oil was down $1.26 to trade at $53.44 per barrel WTI.
As the week goes on we’ll hear from Bank of America, Netflix, Abbot Labs, Union Pacific, Morgan Stanley, Honeywell, American Express, Coca-Cola and numerous regional banks. Remember, earnings expectations are very muted with analyst predicting a decline for the quarter. Let’s see how this week plays out first, as the banks get us started. Stay tuned.
Have a nice evening everyone.
