Friends
We have seen intraday volatility pick up recently as news or rumors out of the Middle East combined with comments from Fed officials, especially Fed Chair Powell, continue to move stocks and bonds in various directions. On the earnings front United Healthcare reacted quite positively to its earnings release this mornings while Johnson & Johnson shares struggled after its release. So, we have a mixed bag of earnings reports, geopolitical drama and varying economic and inflation data keeping traders on their toes.
As for today, by the close the Dow Jones Industrial Average was up 63 points to finish the day at 37,798. The S&P 500 was down 10 points to close at 5,051. The Nasdaq Composite Index was down 19 points to close at 15,865. Gold was up $23 to trade at $2,406 per ounce, while oil was down $.04 to trade at $85.37 per barrel WTI.
After a very good first quarter for stocks, we are seeing a difficult start to the second quarter. Given all of the headlines and data coming at traders it is not surprising. We might just be in a moment in time with the markets where the best thing to do is just sit tight and let it all play out. Come to think of it, that’s almost always the right thing to do.
Have a nice evening everyone.
Jim
