Friends
The bulls appear to be fearless at the moment, despite Fed minutes that revealed that FOMC participants were mostly in favor of the half point rate cut last month (worried that the labor market was weakening enough to justify it). Of course, last week’s non-farm payroll might have lessened their concerns. We will see. In the meantime, we will get a look at inflation via the CPI report tomorrow.
As for today, by the close the Dow Jones Industrial Average was up 431 points to finish the day at 42,512. The S&P 500 was up 40 points to close at 5,792. The Nasdaq Composite Index was up 108 points to close at 18,291. Gold was down $8 to trade at $2,627 per ounce, while oil was down $.11 to trade at $73.46 per barrel WTI.
The Fed is hoping tomorrow’s CPI number continues to confirm that inflation has been muted for now, which will allow them to focus on the labor market. We’ll let you know what the number is and how the markets react tomorrow. Stay tuned.
Have a nice evening everyone.
