Friends
The bulls will say that given the run we have had since the end of the 2nd quarter, stocks were bound to take a pause at some point. The bears will say the move we have had since the end of the 2nd quarter is just another bear market rally doomed to fail. Regardless of what camp you might be in, stocks saw their first difficult week in a while. Earnings season was good enough given the expectations going in, but the Fed’s inflation battle and concerns of recession took over the narrative again this week.
As for today, by the close the Dow Jones Industrial Average was down 292 points to finish the day at 33,706. The S&P 500 was down 55 points to close at 4,228. The Nasdaq Composite Index was down 260 points to close at 12,705. Gold was down $10 to trade at $1,760 per ounce, while oil was down $.21 to trade at $90.29 per barrel WTI.
There will be a lot of economic headlines next week as economists and Fed officials hang out at Jackson Hole, Wyoming. We’ll also get a look at Core PCE which the Fed is watching closely. So, whether the recent rally is over for now, or just taking a pause that refreshes, we will find out in time. In the meantime…
Have a great weekend everyone.
