Friends
Stocks continued lower today after a less than stellar earnings report from Dow component Salesforce. Actually, the shares of Salesforce itself accounted for the majority of the decline in the Dow. Tomorrow morning, we get the Personal Consumption Expenditures Price Index (PCE) which is an important measure of inflation that the Fed seems to favor. So, it’s been a difficult week for stocks and tomorrow’s number might make it even more uncomfortable for the bulls.
As for today, by the close the Dow Jones Industrial Average was down 330 points to finish the day at 38,111. The S&P 500 was down 31 points to close at 5,235. The Nasdaq Composite Index was down 183 points to close at 16,737. Gold was down $2 to trade at $2,362 per ounce, while oil was down $1.35 to trade at $77.88 per barrel WTI.
We get a look at Costco’s earnings after the close today. The retailer’s shares have been moving higher this year so today’s report will be facing some valuation headwinds. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
