Friends
Rising interest rates (bond market selling off) seemed to put a bit of a damper on the stock market today. After seeing nothing but falling rates and rising bond prices for the last several months, rates have moved decisively higher in the past week after the Fed cut the Fed Funds rate. Instead of a 10-year Note approaching 3.50% we now have the 10-year back up over 4%.
For the day, the Dow Jones Industrial Average was down 398 points to close at 41,954. The S&P 500 was down 55 points to finish the day at 5,695. The Nasdaq Composite Index was down 213 points to close at 17,923. Gold was down $4 to trade at $2,663 per ounce, while oil was up $2.93 to trade at $77.31 per barrel WTI.
Along with those rising interest rates we have seen a dramatic increase in the price of oil over the past week. These are headwinds that the bulls are going to have to grapple with in the coming days and weeks. In addition, we will get a look at the consumer price index this week and on Friday we will see the opening of earnings season with releases from JP Morgan and Wells Fargo. It should be an eventful week. Stay tuned.
Have a nice evening everyone.
