Friends
I thought that I would check in from the road. As expected, the Fed did lower the Fed Funds rate by a quarter of a point yesterday leaving the range now at 3.75% -4%. The Fed is also going to end the reduction of asset purchases or quantitative tightening on December 1st. They are obviously concerned now about the labor market citing risks have risen. The markets had little reaction to the news as it was expected. More interesting is the mixed reaction in share prices of some companies that have actually had decent earnings releases. Both Microsoft and Meta saw their shares selloff while Google shares moved higher. We will get earnings releases after the close today form both Apple and Amazon. It’s been a bit of hit and miss this earnings season, but overall the market averages continue to do relatively well.
That’s all for now. The wrap up for the day is shown below. Talk to you next week.
For the day, the Dow Jones Industrial Average was down 109 points to finish the day at 47,522. The S&P 500 was down 68 points to close at 6,822. The Nasdaq Composite Index was down 377 points to close at 23,581. Gold was up $35 to trade at $4,036 per ounce, while oil was down $.24 to trade at $60.24 per barrel WTI.
Have a nice evening everyone.
