Friends
After last week’s move higher in stocks, today’s action had a little more selectivity to it. The Nasdaq buoyed by tech names was today’s winner, while the Dow weighed down by some lagging industrial and energy names was today’s loser. It is not surprising that the overall tone might moderate after the move last week, but the “old school” big tech names like Apple, Facebook, Amazon and Microsoft continue to push higher after lagging in previous months.
As for the market averages, by the close the Dow Jones Industrial Average was down 150 points to finish the day at 34,283. The S&P 500 was up 9 points to close at 4,290. The Nasdaq Composite Index was up 140 points to close at 14,500. Gold was up $1 to trade at $1,779 per ounce, while oil was down $1.22 to trade at $72.83 per barrel WTI.
The quarter will be ending on Wednesday, so we’ll see if there is any large allocation adjustments ahead of time by large fund managers. Other than that we will be watching the employment picture with ADP private payroll numbers on Wednesday and the non-farm payroll number on Friday. Stay tuned, it should be a busy week.
Have a nice evening everyone.
