Friends
I hope you were able to join us today for our webinar where we discussed the tariffs, the markets, and what investors are doing at the moment. As for today’s market action, it was another wild ride. We saw stocks fall nearly 5% at the open only to rally all the way into positive territory on a rumor about a half hour into trading. Word hit the wires that the White House was considering a 90 day pause for negotiations on tariffs. That rumor was quickly squashed by the White House but only after stocks had rallied 7% off the lows. The rest of the day saw stocks going up and down without any real conviction or understanding. Though 2 out of the 3 market averages we show each day were lower at the close, it still almost felt like a moral victory for stocks.
By the close, the Dow Jones Industrial Average was down 349 points to finish the day at 37,965. The S&P 500 was down 11 points to close at 5,062. The Nasdaq Composite Index was up15 points to close at 15,603. Gold was down $42 to trade at $2,993 per ounce, while oil was down $1.11 to trade at $60.88 per barrel WTI.
Given the total lack of understanding by the markets of just where the tariff disruption is heading, stocks are almost certainly going to remain extremely volatile. We are seeing moves both up and down that are of lightning speed. Again, I hope you were able to join us today as we went more into detail about the economic risks, sentiment, the wealth effect, and much more.
Have a nice evening everyone.
Jim
