Friends
Yes, we are all waiting for Nvidia’s earnings release tomorrow, but in the meantime the big-name growth stocks continue to see selling, which is taking a toll on the market averages, especially the Nasdaq. Also, in addition to the big Nvidia earnings release, we continue to hear from retailers. Despite the share price action, Walmart had good earnings last week and this morning Home Depot had a nice report. Tomorrow we will hear from TJ Maxx and Lowes.
As for today, by the close the Dow Jones Industrial Average was up 159 points to finish the day at 43,621. The S&P 500 was down 28 points to close at 5,955. The aforementioned Nasdaq Composite Index was down 260 points to close at 19,026. Gold was down $38 to trade at $2,924 per ounce, while oil was down $1.65 to trade at $69.05 per barrel WTI.
As mentioned, the big growth names continue to weigh on the market averages. Many left behind names continue to rally, but they don’t carry the weighting in the market averages that the big growth names do. Buckle up, it should be an interesting rest of the week. Stay tuned.
Have a nice evening everyone.
Jim
