Friends
The trading week begins just as the last couple have ended-no volatility, no volume and a whole lot of nothing going on. Fed Governors continue to give speeches as we work our way towards Jackson Hole later this week, but at this point if it doesn’t come out of Janet Yellen’s mouth, then I wouldn’t put a lot of stock in it. Corporate buyouts using “expensive” stock and/or cheap financing continues as we saw in Pfizer’s deal announced today, but now with earnings season behind us, the focus seems to be squarely on the Fed.
As for today, by the close the Dow Jones Industrial Average was down 23 points to finish the day at 18,529. The S&P 500 was down 1 point to close at 2182. Gold was down $3 to trade at $1,342 per ounce, while oil was down $1.47 to trade at $46.81 per barrel WTI.
Other items on the economic calendar this week include New Home Sales tomorrow, FHFA House Price Index, PMI Manufacturing and Existing Home Sales on Wednesday, Durable Goods on Thursday, and another look at 2nd Quarter GDP on Friday. The main event will be Janet Yellen’s speech at Jackson Hole, Wyoming on Friday. Stay tuned, we’ll keep you up to date.
Have a nice evening everyone.
