Friends
A major IT outage triggered by cybersecurity giant CrowdStrike caused havoc with businesses all over the world today including airlines. That probably had nothing to do with stocks dropping today but it didn’t help.
By the close, the Dow Jones Industrial Average was down 377 points to finish the day at 40,287. The S&P 500 was down 39 points to close at 5,505. The Nasdaq Composite Index was down 144 points to close at 17,726. Gold was down $55 to trade at $2,400 per ounce, while oil was down $2.54 to trade at $80.28 per barrel WTI.
Maybe we are finally getting a pullback in stocks for what really would be the first time in 2024. It’s only been a few days but there have been cracks developing in the big tech names for a week or two now. We will get a look at a lot of big names reporting earnings in the next two weeks. This recent weakness provides a slightly different setup than we would have expected a few weeks ago. Stay tuned.
Have a great weekend everyone.
