Friends
This morning’s producer price index came in as expected similar to yesterday’s consumer price index. Stocks continue to be in pause mode for the moment as the bulls appear to be searching for the next catalyst. Comments from the Fed Chair this afternoon seemed to indicate that the Fed is going to be patient with rate cuts given the economic strength that we continue to see.
As for stocks, by the close the Dow Jones Industrial Average was down 207 points to finish the day at 43,750. The S&P 500 was down 36 points to close at 5,949. The Nasdaq Composite Index was down 123 points to close at 19,107. Gold was down $14 to trade at $2,572 per ounce, while oil was up $.10 to trade at $68.53 per barrel WTI.
Again, I am happy to see the market take a pause here -hopefully one that refreshes. I still think the bulls are in charge, but it wouldn’t hurt to throw a little doubt into the equation. Remember the old saying that a bull market is often built on a wall of worry. Let’s see how the week finishes up tomorrow.
Have a nice evening everyone.
Jim
