Friends
The big growth tech names continue to sell off dragging the market averages lower as uncertainty about the economy continues to infiltrate the narrative. We saw unemployment claims move higher this week and consumer confidence has begun to weaken. Nvidia’s earnings were fantastic, but the market didn’t care. The air is being let out of the bubble in these big growth names, and it is weighing on the markets in general.
As for today, by the close the Dow Jones Industrial Average was down 193 points to finish the day at 43,239. The S&P 500 was down 94 points to close at 5,861. The Nasdaq Composite Index was down 530 points to close at 18,544. Gold was down $43 to trade at $2,887, while oil was up $1.61 to trade at $70.23 per barrel WTI.
We mentioned that seasonally the second half of February is typically difficult for the markets. This has definitely been the case this year. The good news is that February is almost over. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
Jim
