Friends
Stocks finally took a breather today after a torrid rally saw the market averages basically erase the early August decline. Investors appear to be focused on what the Fed Chair is going to say during his speech tomorrow morning at Jackson Hole. We would expect him to continue to signal rate cuts beginning as soon as next month.
As for today, by the close the Dow Jones Industrial Average was down 177 points to finish the day at 40,712. The S&P 500 was down 50 points to close at 5,570. The Nasdaq Composite Index was down 299 points to close at 17,619. Gold was down $28 to trade at $2,518 per ounce, while oil was up $.95 to trade at $72.88 per barrel WTI.
It will be interesting to see how the markets react to the Fed Chair’s speech tomorrow. We’ll let you know how the final day of the trading week plays out tomorrow. Stay tuned.
Have a nice evening everyone.
