Friends
After a few days of fun for the Dow we saw the market averages reverse back to what has been the case for most of the year. The Nasdaq led the way higher today, the S&P did fine, but the Dow moved lower. I mentioned yesterday that I have to see it to believe as it pertains to the market breadth broadening out. Well, today we were right back to the usual formula.
By the close, the Dow Jones Industrial Average was down 299 points to finish the day at 39,112. The S&P 500 was up 21 points to close at 5,469. The Nasdaq Composite Index was up 220 points to close at 17,717. Gold was down $12 to trade at $2,331 per ounce, while oil was down $.86 to trade at $80.77 per barrel WTI.
We get an important inflation number on Friday but short of that there isn’t much on the table this week with regards to market moving events. The narrative is that the Fed could possibly begin to loosen in September if inflation data continues to be constructive. Let’s see how this week unfolds as we lead into Friday’s PCE inflation data.
Have a nice evening everyone.
