Friends
The market averages pushed a little higher today, and surprisingly I saw a different group of stocks getting a little buying support. While big names like Nvidia, Microsoft, Meta, and AMD all lost ground, some of the left for dead stocks filled the void. After gapping down yesterday, bonds rallied today (yields lower) which likely helped support stocks and keep them from adding to yesterday’s losses.
By the close, the Dow Jones Industrial Average was up 140 points to finish the day at 38,521. The S&P 500 was up 11 points to close at 4,954. The Nasdaq Composite Index was up 11 points to close at 15,609. Gold was up $9 to trade at $2,052 per ounce, while oil was up $.71 to trade at $73.49 per barrel WTI.
It would be interesting if the big tech/growth names took a breather in here and the more boring value names carried the water for a while. I’m not predicting that (I don’t predict things) but that would certainly confound some investors. For now, the bulls still hold the high ground, but the catalysts for higher prices appear to be lacking. In the meantime, we have most of earnings season and the Fed meeting behind us. What will be the next market moving headline? Stay tuned.
Have a nice evening everyone.
Jim
