Friends
It was a day of mixed results both in the market averages and corporate earnings reports. Google and Microsoft both seemed to pass the test and their shares moved higher in the trading session. But recent leaders, financial and energy shares both struggled as did most of the “value” space.
By the close, the Dow Jones Industrial Average was down 266 points to finish the day at 35,490. The S&P 500 was down 23 points to close at 4,551. The Nasdaq Composite Index was virtually unchanged to close at 15,235. Gold was up $3 to trade at $1,797 per ounce, while oil was down $2.46 to trade at $82.19 per barrel WTI.
Staples, Coca-Cola and Kraft Heinz had nice earnings reports this morning. Coke’s shares traded a bit higher but Kraft’s shares did little. Nevertheless it appears that some companies are able to pass on higher costs easier than others. Still despite today’s market action, in general earnings season has been better than anticipated. We’ll get a look at Amazon and Apple’s results after the close tomorrow. Stay tuned.
Have a nice evening everyone.
