Friends
The first of the big five to report earnings this week was Alphabet, and the results were good. By most measures, the company did better than expected and the stock moved higher at the open. Unfortunately, there were others like Eli Lilly, AMD and Caterpillar that didn’t fare as well. The result was a market that tried to advance in early trading but ran out of gas as the trading session wore on.
By the close, the Dow Jones Industrial Average was down 91 points to finish the day 42,141. The S&P 500 was down 19 points to close at 5,813. The Nasdaq Composite Index was down 104 points to close at 18,607. Gold was up $16 to trade at $2,797 per ounce, while oil was up $1.74 to trade at $68.95 per barrel WTI.
After the close we get a look at earnings from Microsoft and Meta. Then tomorrow afternoon we will hear from Amazon and Apple. By the way, on the economic front, our first look at 3rd quarter GDP came in at 2.8% growth which was mostly in line with expectations. But right now market participants are focused on corporate earnings. We’ll keep you posted.
Have a nice evening everyone.
Jim
