Friends
As we move into October and earnings season, the volatility that kicked off a couple of weeks ago continues. After Friday’s snapback rally, the sellers were ready to move into action once again. Stocks fell early, led by the beleaguered Nasdaq and stayed decisively in negative territory for the entire trading session. What was the catalyst for today’s selling? Well, take your pick- inflation worries (see oil prices), tech stocks crumbling, politics, the Fed- it really doesn’t matter.
By the close the Dow Jones Industrial Average was down 323 points to finish the day at 34,002. The S&P 500 was down 56 points to close at 4,300. The Nasdaq Composite Index was down 311 points to close at 14,255. Gold was up $9 to trade at $1,768 per ounce, while oil was up $1.73 to trade at $77.61 per barrel WTI.
We simply are in a volatile period for stocks. There is a lot on our plate given we’re still dealing with a pandemic while trying to sort through politics and economic headwinds. Continue to keep your seat belt buckled. The ride is likely to continue to be choppy for a bit.
Have a nice evening everyone.
