Friends
Some weakening economic data and a lot of tariff talk sent stocks lower after yesterday’s big rally. The ISM Services index was flat in July, and being that Services account for about 70% of the U.S economy that was a significant slowdown. Added to that news was the plethora of tariff threats from the President which basically created an atmosphere that market participants found less than encouraging.
By the close, the Dow Jones Industrial Average was down 61 points to finish the day at 44,111. The S&P 500 was down 30 points to close at 6,299. The Nasdaq Composite Index was down 137 points to close at 20,916. Gold was up $7 to trade at $3,433 per ounce, while oil was down $1.11 to trade at $65.18 per barrel WTI.
We are kind of in a phase now where the narratives change on a daily basis. A slowing economy was ok yesterday given that it would cause the Fed to become accommodative. Today a slowing economy was bad news. Let’s see what tomorrow’s narrative becomes.
Have a nice evening everyone.
