Friends
It was another difficult day for stocks, as rates creeping higher after this week’s inflation data is providing a formidable headwind. The market averages spent the entire session in the red as buyers appear to be tentative to put new money to work.
By the close, the Dow Jones Industrial Average was down 190 points to finish the day at 38,714. The S&P 500 was down 33 points to close at 5,117. The Nasdaq Composite Index was down 155 points to close at 15,973. Gold was down $6 to trade at $2,161 per ounce, while oil was down
$.28 to trade at $80.98 per barrel WTI.
Next up is the Fed FOMC meeting which will begin next Tuesday and conclude with the statement and the Chair’s press conference on Wednesday. We don’t expect any movement at this meeting, but it will be very interesting to see how the committee reacts to recent inflation data. We’ll let you know how it all plays out next week. Stay tuned.
Have a great weekend everyone.
