Friends
Just as we were scratching our heads over yesterday’s thrilling rally, we are equally at a loss to describe today’s decline. Oil was up, so we can’t blame today’s slide on weakness in energy. Yes, Disney had a somewhat disappointing earnings reports but we’ve had plenty of disappointing earnings reports over the past few weeks. Retail stocks slumped miserably after an awful report from Macy’s, so that didn’t help. Perhaps though we’re just developing a more volatile pattern. We’ll see.
As for today, by the close the Dow Jones Industrial Average was down 217 points to finish the day at 17,711. The S&P 500 was down 19 points to close at 2064. Gold was up $14 to trade at $1,279 per ounce, while oil was up $1.40 to trade at $46.06 per barrel WTI.
So yes folks, we basically gave up all of yesterday’s gains in today’s trading session. There is no real tell on what tomorrow will bring, given that earnings season is winding down and the lack of economic data this week. We will get a few more earnings reports from retailers, so we’ll see if the carnage in that sector continues. Otherwise, as stated, maybe we just are heading into a more volatile time for the markets.
Have a nice evening everyone.
