Friends
Checking in from the road. Today’s GDP number came in less than expected showing an economy that appears to be less robust than analysts were predicting. On top of that, inflation persists bringing into play the dreaded stagflation scenario where the economy slows while inflation remains a problem. It’s amazing how often the narrative has changed just this calendar year alone. But remember, these narratives continue to change and today’s snapshot may only be that- a snapshot.
Stocks struggled given the economic backdrop and then a rough day for a couple of Dow components IBM and Caterpillar didn’t help.
By the close, the Dow Jones Industrial Average down 375 points to finish the day at 38,085. The S&P 500 was down 23 points to close at 5,048. The Nasdaq Composite Index was down 100 points to close at 15,611. Gold was up $6 to trade at $2,344 per ounce, while oil was up $.96 to trade at $83.76 per barrel WTI.
The week had looked pretty benign until today. We’ll let you know how it finishes out tomorrow.
Talk to you soon,
Jim
