Friends
Well, after the close yesterday both Google and Microsoft released very strong earnings reports. Google shares went up and Microsoft shares went down. Always interesting to see how much was priced into these earnings releases. Today we get both Facebook and Apple after the close. Then on Thursday we get a look at Amazon’s earnings.
The Fed did not raise interest rates today (we knew that) and once again indicated that they don’t plan to anytime soon. Will they begin to taper asset purchases (bonds) soon? According to Chairman Powell the answer is no, and so you don’t have to continue to ask, he’ll let you know when they are considering it. So, the Fed continues to be all in with regards to their dovish stance on monetary policy.
As for stocks, by the close the Dow Jones Industrial Average was down 164 points to finish the day at 33,820 The S&P 500 was down 3 points to close at 4,183. The Nasdaq Composite Index was down 39 points to close at 14,051. Gold was up $2 to trade at $1,780 per ounce, while oil was up $.74 to trade at $63.68 per barrel WTI.
The Fed appears to be all in and earnings have been stellar, but it appears that share prices may already have been reflecting a lot of the good news.
Have a nice evening everyone.
