Friends
It was a rocky start to the week for stocks, and once again we are beginning to see the last hour of trading be the most damaging. While we were rallying a couple of weeks ago stocks were finishing strong at the end of each trading day. Now as we have weakened again stocks are running into to selling pressure at the close. Sentiment has grown continuously bearish as analysts and pundits cannot help but point out the headwinds of inflation and the Fed (wait, does that make me a pundit? No, just a simple market observer) that market participants must deal with.
As for today, by the close the Dow Jones Industrial Average was down 413 points to finish the day at 34,308. The S&P 500 was down 75 points to close at 4,412. The beleaguered Nasdaq was down 299 points to close at 13,411. Gold was up $11 to trade at $1,956 per ounce, while oil was down $3.46 to trade at $94.80 per barrel WTI.
Remember, we kick off earnings season this week with reports from United Health, Delta, Bed Bath & Beyond, JP Morgan Chase, Wells Fargo, Citi, Morgan Stanley, and Goldman Sachs. It is a shortened trading week this week with markets closed on Good Friday. Earnings season will give us an idea of what corporate America is seeing. Analysts are expecting this quarter’s numbers to be good, but future guidance is expected to be cautious at best. We’ll let you know how the shortened week play out.
Have a nice evening everyone.
