Friends
As the street awaits the FOMC meeting which begins tomorrow and finishes with the statement on Wednesday afternoon, we once again have a busy week of earnings. This week we’ll see reports from Apple, Altria, Amgen, Cummins, Procter & Gamble, Conoco Phillips, Dunkin Brands, Kellogg, Exxon Mobil and Chevron – just to mention a few.
As for today, the markets were subdued as traders brace for the Fed decision on interest rates. For the day, the Dow Jones Industrial Average was up 28 points to finish the day at 27,221. The S&P 500 was down 4 points to close at 3,020. Gold was up $8 to trade at $1,427 per ounce, while oil was up $.66 to trade at $56.86 per barrel WTI.
It will be interesting to see if the expected rate cut is priced into stocks already, and whether this week’s earnings will continue to surprise slightly to the upside as we have seen over the last 2 weeks. We’ll have a lot to chew on this week and we’ll let you know how it all plays out.
Have a nice evening everyone.
