Friends
Stocks tried to rally several times during today’s trading session, but the action in the bond market was a huge headwind for stocks. The selloff in bonds continues to move yields higher and stocks are having a difficult time reconciling with the weakness in bonds. Economic data continues to mainly stay firm and that is giving those who are worried about inflation pause when considering additional stock purchases.
As for today, by the close the Dow Jones Industrial average was up 15 points to finish the day at 42,342. The S&P 500 was down 5 points to close at 5,867. The Nasdaq Composite Index was down 19 points to close at 19,372. Gold was down $40 to trade at $2,613 per ounce, while oil was down $.73 to trade at $69.85 per barrel WTI.
In one quick surprising advance the bears invaded the high ground that the bulls had so comfortably held for most of 2024. Will the Generals (Apple, Amazon, Meta, Nvidia, etc.) be able to rally the troops and push the bears back, reclaiming the high ground? At the moment Santa isn’t even showing up on my radar for those hoping for a Santa Claus rally. Let’s first see how the week finishes out tomorrow.
Have a nice evening everyone.
Jim
