Friends
And back down again we go. The volatility continues and it was another very difficult day for stocks with the tech heavy Nasdaq leading the way lower, down more than 2.60% for the day. Whatever the outcome of all the tariff talk, market participants are bracing for a slowing economy and that is leading to concerns about earnings and subsequently stock prices.
As for today, by the close the Dow Jones Industrial Average was down 427 points to finish the day at 42,579. The S&P 500 was down 104 points to close at 5,738. The aforementioned Nasdaq Composite Index was down 483 points to close at 18,069. Gold was down $5 to trade at $2,920 per ounce, while oil was up $.01 to trade at $66.32 per barrel WTI.
Tomorrow, we get a look at the all-important non-farm payroll number for February. Analysts expect that 170,000 jobs were created in February and that the unemployment rate will remain at 4%. Remember, the Fed has a dual mandate, jobs, and inflation, and if there is a crack in the labor market, the Fed is likely to be more aggressive with regards to rate cuts. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
Jim
