Friends
Buckle up, we have four big earnings releases after the closing bell today- Microsoft, AMD, Google, and Starbucks. We will surely see some interesting price movement in those behemoths. Are they priced for perfection? Then tomorrow afternoon we get the results of the January FOMC meeting. We don’t expect the Fed to take any action at this meeting, but it will be interesting to hear what the Fed Chair has to say during his press conference. As you know market participants are anticipating that the Fed will lower interest rates sooner than later. Will the Fed Chair throw any cold water on those expectations? Finally, we get a look at the jobs number on Friday and given the number of layoffs being announced during this earnings season it will be interesting to see if the employment picture will be changing.
As for today, the market averages meandered in different directions. By the close, the Dow Jones Industrial Average was up 133 points to finish the day at 38,467. The S&P 500 was down 3 points to close at 4,924. The Nasdaq Composite Index was down 118 points to close at 15,509. Gold was up $10 to trade at $2,054 per ounce, while oil was up $1.11 to trade at $77.89 per barrel WTI.
The bulls have been able to overcome all obstacles for months now. Let’s see if corporate earnings or the Fed become obstacles this week. Stay tuned.
Have a nice evening everyone.
