Friends
The market averages tried to rally despite a slightly disappointing ADP private payroll number, but it really appears that the bulls have run out of ammunition. The beleaguered Nasdaq was actually in positive territory for a short period of time today, but alas couldn’t prevent another close in negative territory.
By the close, the Dow Jones Industrial Average was up 98 points to finish the day at 34,230. The S&P 500 was up 2 points to close at 4,167. The aforementioned Nasdaq was down 51 points to close at 13,582. Gold was up $9 to trade at $1,785 per ounce, while oil was down $.41 to trade at $65.28 per barrel WTI.
We’ll get the non-farm payroll number on Friday, but it appears although the Fed continues to message that they are firmly in a dovish stance for the foreseeable future, market participants are having a difficult time ignoring all of the inflationary pressures that are virtually everywhere. In other words, though the Fed insist that they will not taper or raise rates, traders believe that current economic conditions will force them to change their minds. We will see.
Have a nice evening everyone.
