Friends
Stocks followed thru on Friday’s selloff as trading began this morning, but after a 1% drop in both the Dow and the S&P 500 things did recover some. Friday’s move was a reaction to the Fed Chair trying to reframe last month’s FOMC presser by insinuating that the Fed is not going to back off its fight with inflation any time soon, and the market better realize that. So, tough talk for a market that evidently the Fed thought was not getting the correct message.
As for today, by the close the Dow Jones Industrial Average was down 184 points to finish the day at 32,098. The S&P 500 was down 26 points to close at 4,030. The Nasdaq Composite Index was down 124 points to close at 12,017. Gold was down $1 to trade at $ 1,748 per ounce, while oil was up $3.92 to trade at $96.98 per barrel WTI.
Now that the bulls have been effectively slapped down for their irrational exuberance, it will be interesting to see how traders proceed over the coming weeks. Has the message been accepted loud and clear? Stay tuned.
Have a nice evening everyone.
