Friends
It was another mixed day for stocks where the big growth names of the last couple of years continued to see selling, while formerly left behind names finally received some sponsorship. Is this a true rotation from growth to value or is this just another head fake creating a buying opportunity for growth? We will see. Nvidia will release earnings after the close on Wednesday and that will likely set the tone towards the end of the trading week.
As for today, by the close the Dow Jones Industrial Average was up 33 points to finish the day at 43,461. The S&P 500 was down 29 points to close at 5,983. The Nasdaq Composite Index was down 237 points to close at 19,286. Gold was up $12 to trade at $2,965 per ounce, while oil was up $.52 to trade at $70.92 per barrel WTI.
Interestingly bond yields have been falling but stocks have not reacted positively. Instead yields retreating is more of an economic slowdown narrative and stocks aren’t ok with that. As mentioned, all eyes will be on Nvidia’s earnings on Wednesday. Let’s see how the week unfolds.
Have a nice evening everyone.
Jim
