Friends
That’s 5 days in row that the S&P 500 ended in negative territory. The scope of the damage is relatively small, but a losing streak is a losing streak (just ask the Astros). But as we have noted for days now it appears that market participants simply wanted to remain cautious until they get to hear what the Fed Chair has to say tomorrow. Remember, the market is expecting/hoping for a rate cut in September. I still think that is likely, but by no means is it assured.
Anyway, by the close the Dow Jones Industrial Average was down 152 points to finish the day at 44,785. The S&P 500 was down 25 points to close at 6,370. The Nasdaq Composite Index was down 72 points to close at 21,100. Gold was down $4 to trade at $3,384 per ounce, while oil was up $.70 to trade at $63.41 per barrel WTI.
On the earnings front, Walmart’s numbers disappointed Wall Street, but I didn’t think they were really that bad. Same store sales are still increasing and management actually guided estimates a bit higher going forward. Nevertheless, retailers had a difficult day in general. Let’s see how the week finishes out tomorrow after we hear from Jay Powell.
Have a nice evening everyone.
