Friends
Market participants waited breathlessly for the Fed Minutes today (not really), as stocks just drifted aimlessly until the release. Not much changed after the release as stocks tilted quietly to the upside until the close of the session. Basically, the Fed minutes indicated that most of the Fed officials don’t see a likelihood that rates would need to be raised for the rest of the year, but they did not rule it out completely. On the other hand, contrary to recent market belief, the Fed officials did not indicate that any rate cuts were likely for 2019. Of course, the Fed remains data dependent.
As for stocks, by the close the Dow Jones Industrial Average was up 6 points to finish the day at 26,157. The S&P 500 was up 10 points to close at 2,888. Gold was up $4 to trade at $1,312 per ounce, while oil was up $.50 to trade at $64.48 per barrel WTI.
As recently mentioned, a few big banks kick off earnings season on Friday as JP Morgan Chase and Wells Fargo get things started. Then, next week we get releases from the likes of Goldman Sachs, Citi, Bank of America, United Health, Pepsico, Morgan Stanley, American Express, Schlumberger, Honeywell, Travelers, and Union Pacific just to mention a few. Earnings season is going to be very interesting and very important. Stay tuned.
Have a nice evening everyone.
