Friends
It was a bit of a sloppy start to the week but that was to be expected given the winning streak stocks have been on. The Fed’s FOMC meeting begins tomorrow and concludes with the statement and a press conference tomorrow afternoon. We are not expecting any moves from the Fed at this time but I’m sure the Fed Chair will be asked about the President’s insistence that the Fed lower interest rates. Should be an interesting press conference on Wednesday.
As for today, by the close the Dow Jones Industrial Average was down 98 points to finish the day at 41,218. The S&P 500 was down 36 points to close at 5,650. The Nasdaq Composite Index was down 133 points to close at 17,844. Gold was up $101 to trade at $3,344 per ounce, while oil was down $1.25 to trade at $57.04 per barrel WTI.
Still no actual trade deals have been announced, but it appears that market participants are hoping for news along those lines soon. We will see. In the meantime, the Fed takes the stage this week. Stay tuned.
Have a nice evening everyone.
Jim
