Friends
It was a somewhat unenthusiastic day of trading with the market averages doing very little throughout the trading session. Last week was all about the inflation story. This week we are going to get a good look at how retailers are doing as we head into the holiday season. Tomorrow we’ll get earnings reports from Walmart and Home Depot. On Wednesday we’ll hear from Target, Lowes and TJ Maxx. On Thursday we’ll hear from big box retailers, Macy’s, Kohl’s and discounter Ross Stores. The shares of these companies have done well this year, but they really don’t appear stretched as we head into earnings. We’ll see.
As for today’s action, by the close the Dow Jones Industrial Average was down 12 points to finish the day at 36,087. The S&P 500 was mainly flat to close at 4,682. The Nasdaq Composite Index was down 7 points to close at 15,853. Gold was down $3 to trade at $1,864 per ounce, while oil was up $.14 to trade at $80.93 per barrel WTI.
In addition to earnings releases from retailers we’ll get reports from old tech warhorse Cisco and darling chip maker Nvidia. So, buckle up. It could be a busy week and we haven’t even mentioned politics and court cases. Stay tuned.
Have a nice evening everyone.
