Friends
As expected, we are getting very little guidance as companies release and then talk about their earnings reports. We heard this morning from Pfizer, Merck, 3M, PepsiCo, Caterpillar and Southwest Airlines. Numbers are obviously not good, but companies are making a go of it, but no one has any idea what things will be like 3 to 6 months from now.
For the most part stocks have been able to defy the understandably bearish sentiment, and though things drifted negatively by the close, it wasn’t a terrible day for stocks. By the close, the Dow Jones Industrial Average was down 32 points to finish the day at 24,101. The S&P 500 was down 15 points to close at 2,863. Gold was down $4 to trade at $1,719 per ounce, while oil was down $.10 to trade at $12.68 per barrel WTI.
The earning parade continues after the closing bell today with both Google and Starbucks reporting. Consternation continues with regards to the reopening of some states, and there will likely be some negative headlines in the weeks ahead, as any spikes in COVID-19 cases will surely set the media ablaze. Let’s keep monitoring what companies tell us this week. Stay tuned.
Have a nice evening everyone.
Jim
