Friends
Investors were cautious as the trading week came to a close as they braced for next week’s FOMC meeting, and the likelihood that the Fed is likely to begin to lower rates again. The question remains whether that is already priced into stocks. We will see.
As for today, by the close, the Dow Jones Industrial Average was down 273 points to finish the day at 45,834. The S&P 500 was down 3 points to close at 6,584. The Nasdaq Composite Index was up 98 points to close at 22,141. Gold was up $8.80 to trade at $3,682 per ounce, while oil was up $.14 to trade at $62.51 per barrel WTI.
As mentioned, all eyes will be on the Fed next week. The meeting concludes on Wednesday when we’ll find out if we are getting a cut in the Fed Funds rate. Will it be a quarter point cut? How about a half a point rate cut? What if there is no cut at all? It will certainly be an interesting week for the markets. Stay tuned.
Have a great weekend everyone.
