Friends
It’s a big week for the markets. First, we had the much-anticipated Apple presentation at their Worldwide Developer Conference today where they introduced their Apple Intelligence, the device maker’s foray into the usage of artificial intelligence. I thought it was pretty impressive, but the shares had climbed in anticipation, so we saw a bit of a sell the news response. I’ll still bet on Apple longer term as folks realize that their products will actually allow AI usage that is personal and useful. Sounds like I’m doing an Apple commercial doesn’t it – LOL. Tomorrow the Fed’s FOMC meeting begins, and we’ll get the statement and press conference on Wednesday. We don’t expect any interest rate movement at this meeting, but the markets will be very interested in what the Fed is thinking in the near term. Finally, just to keep things interesting we get the CPI inflation report on Wednesday before the Fed announcement. That’s a lot to chew on for market participants.
As for today, stocks were mostly quiet but with an upward tilt. By the close, the Dow Jones Industrial Average was up 69 points to finish the day at 38,868. The S&P 500 was up 13 points to close at 5,360. The Nasdaq Composite Index was up 59 points to close at 17,192. Gold was up $3 to trade at $2,328 per ounce, while oil was up $2.34 to trade at $77.87 per barrel WTI.
So, buckle up. It is likely to be a very interesting week for investors. We’ll be here to let you know how it all plays out.
Have a nice evening everyone.
