Friends
Stocks finished off a pretty difficult 4 day stretch today. After hitting 5% on the 10-year Treasury Note late yesterday, bonds rallied a bit with the 10-year yield moving back down towards 4.92%. But it’s likely that the 5% number will provide minor resistance in the coming weeks. Of course, we will see.
In the meantime, for the day the Dow Jones Industrial Average was down 287 points to close at 33,127. The S&P 500 was down 53 points to close at 4,224. The Nasdaq Composite Index was down 202 points to close at 12,983. Gold was up $12 to trade at $1,992 per ounce, while oil was down $.35 to trade at $89.02 per barrel WTI.
Earnings have been ok despite the selloff of stocks in general. Next week we get a lot of big names reporting including Coca Cola, GE, Verizon, 3M, Visa, Google, Microsoft, Boeing, Meta, Master Card, UPS, Merck, Honeywell, Amazon, Intel, Ford, Exxon Mobil, Chevron, and AbbVie, just to name a few. October started off pretty good, but things have deteriorated in the past week. Let’s see if next week’s plethora of earnings changes the momentum. Stay tuned.
Have a great weekend everyone.
