Friends
This week’s economic focus is on inflation and Wednesday’s CPI and Thursday’s PPI reports. After last week’s fireworks traders were somewhat subdued today as stocks drifted within a relatively narrow range. Negativity still persists, but the resiliency of stocks has gotten the attention of market participants who mainly focus on technical analysis.
As for today, by the close the Dow Jones Industrial Average was down 55 points to finish the day at 33,618. The S&P 500 was up 1 point to close at 4,138. The Nasdaq Composite Index was up 21 points to close 12,256. Gold was up $4 to trade at $2,028 per ounce, while oil was up $1.56 to trade at $72.90 per barrel WTI.
I would suspect that volatility will pick up as the week unfolds and we get another snapshot of the inflation picture. We still have some earnings reports ahead (Disney for one), but as we said last week, most of earnings season is behind us. It should be an interesting week ahead. Stay tuned.
Have a nice evening everyone.
