Friends
It was another quiet day of trading as market participants wait for a bevy of big tech earnings and the results of an important Fed meeting. We’ll get the Fed’s decision on rates (there will be no change) and the statement tomorrow afternoon. That will be followed by the Fed Chair’s press conference. As for the big earnings parade, it starts tonight with Google and Microsoft after the closing bell today, Apple tomorrow and then Amazon on Thursday. Of course there are many more earnings releases to watch including Starbucks, Visa and Amgen after the close today.
As for today, by the close the Dow Jones Industrial Average was up 3 points to finish the day at 33,984. The S&P 500 was down 1 point to close at 4,186. The Nasdaq Composite Index was down 48 points to close at 14,090. Gold was down $4 to trade at $1,776 per ounce, while oil was up $1.28 to trade at $63.17 per barrel WTI.
The earnings story has been impressive so far. Companies are beating estimates, profits and margins are improving and guidance is becoming more positive. We’ll be watching all of the earnings releases over the next couple of days and we’ll also keep an eye on what the Fed Chair has to say tomorrow.
Have a nice evening everyone.
