Friends
The markets were quiet today, as traders seem to be digesting all the earnings reports received this week as well as waiting for Apple and Amazon to report after the close. On the economic front, the durable goods number and the weekly unemployment claims both showed slight improvement, but neither was enough to move the markets. Tomorrow we get consumer sentiment and the all-important first look at 3rd quarter GDP.
As it was, by the close the Dow Jones Industrial Average was up 26 points to close at 13,103. The S&P 500 was up 4 points to finish the day at 1413. Gold was up $12 to trade at $1713 per ounce, while oil was up $.42 to trade at $86.15 per barrel WTI.
After more than half of the S&P 500 have reported earnings so far this earnings season, the takeaway is that revenues are lacking and future guidance has been disturbing. Companies that have a significant exposure in Europe seem to be ratcheting back expectations and taking steps to lesson exposure. Is this as bad as it will get for corporate earnings or do we have more pain to deal with in coming quarters? Let’s first see what the GDP number looks like tomorrow.
Have a nice evening everyone.
