Friends
It was another sloppy day of trading with very little direction, yet there are some sectors that are working well at the moment (big tech for instance) and there are some sectors not doing so well (see the cyclicals). As we have mentioned, we have seen rotation all year long as we moved from shut down to the big reopening. When government spending becomes the focus the deep cyclical names do well. When interest rates rise a little, the banks do well. When interest rates fall the big tech names do well…
As for today, by the close the Dow Jones Industrial Average was down 48 points to finish the day at 35,312. The S&P 500 was up 1 point to close at 4,524. The Nasdaq Composite Index was up 50 points to close at 15,309. Gold was down $1 to trade at $1,816 per ounce, while oil was down $.18 to trade at $68.32 per barrel WTI.
Today’s ADP private payroll number was very disappointing and much lower than had been estimated, possibly indicating that the Delta variant is having an effect on employment. We will get a look at the non-farm payroll number on Friday. We’ll see if the ADP number was a tell or not.
Have a nice evening everyone.
