Friends
It’s been a pretty quiet start to the week as investors appear to be laser focused on the earnings release from chip maker Nvidia after the close tomorrow. Talk about a high bar to clear, but if any company can do it right now it would be Nvidia. In the meantime, market participants are still trying to determine if the Fed will be lowering interest rates this year. The latest odds are for a possible rate cut in September. I’m not sure I agree with that, but we will see.
As for today, by the close the Dow Jones Industrial Average was up 66 points to finish the day at 39,872. The S&P 500 was up 13 points to close at 5,321. The Nasdaq Composite Index was up 37 points to close at 16,832. Gold was down $10 to trade at $2,427 per ounce, while oil was down $.74 to trade at $79.06 per barrel WTI.
There’s an old saying on Wall Street, “sell in May and go away”. It doesn’t appear that market participants are heeding that advice this year (it’s a pretty silly idea for long term investors anyway). Perhaps the Nvidia earnings will fire things up one way or the other later in the week. Stay tuned.
Have a nice evening everyone.
