Friends
It was another mixed day for stocks with the Dow pushing to all-time highs, while the Nasdaq continued to struggle. Are we seeing a rotation from the big tech names to more established healthcare, staples, industrials, and financials? Well, maybe for a couple of days but I’d be surprised if market participants don’t lean back into those big tech names as we move towards year end. We will see.
As for today, by the close the Dow Jones Industrial Average was up 326 points to finish the day at 48,254. The S&P 500 was up 4 points to close at 6,850. The Nasdaq Composite Index was down 61 points to close at 23,406. Gold was up $84 to trade at $4,200 per ounce, while oil was down $2.59 to trade at $58.45 per barrel WTI.
It appears we will have the federal government back open by the end of the week, but in reality, the market has not been much affected by the shutdown anyway. Of course, the economy was almost certainly affected by the shutdown, and we are likely to see that show up in upcoming economic data. In the meantime, despite the pause in the AI trade, the bulls are still firmly entrenched on the high ground.
Have a nice evening everyone.
