Friends
Market participants continue to be cautious before Fed Chair Powell’s speech at Jackson Hole on Friday morning. During the pause we have seen a bit of a rotation into some of the more left behind names from some of the more volatile winners, but I wonder how long that will last. To see a Nvidia, Meta, or a Palantir give back a little of their monster gains isn’t really a shock- same with some of the big crypto winners. But is this a real lasting rotation? We will see.
As for today, by the close the Dow Jones Industrial Average was up 16 points to finish the day at 44,938. The S&P 500 was down 15 points to close at 6,395. The Nasdaq Composite Index was down 142 points to close at 21,172. Gold was up $33 to trade at $3,392 per ounce, while oil was up $.79 to trade $63.14 per barrel WTI.
On the retail front, investors were pleased with earnings from TJX and not so pleased with Target’s results. There are definitely winners and losers when it comes to retail these days. We will hear from Walmart tomorrow. Then the big moment of the week will be the comments of Jay Powell on Friday. It should be interesting.
Have a nice evening everyone.
