Friends
2023 started off with somewhat of a whimper today as stocks were lower throughout the trading session but closed well off the lows of the day. Big names Apple and Tesla struggled mightily and weighed on the market averages. It wasn’t all bad as industrials and financials both fared well, while energy and technology fared the worst.
By the close, the Dow Jones Industrial Average was down 10 points to finish the day at 33,136. The S&P 500 was down 15 points to close at 3,824. The Nasdaq Composite Index was down 79 points to close at 10,386. Gold was up $16 to trade at $1,842 per ounce, while oil was down $3.09 to trade at $77.17 per barrel WTI.
As we enter 2023, sentiment is bad and momentum is still trending negative. It will be a few weeks until earnings season starts in earnest so investors are left wondering when the much-predicted recession will start (or if it has started) and what effect it will have on corporate earnings. Let’s see if the bulls can craft a more positive narrative here as the year begins. Stay tuned.
Have a nice evening everyone.
