Friends
Today’s market was a mixed bag. On one hand you had the Nasdaq up quite nicely, while the Dow was struggling and the S&P was treading the base line. The momentum gang, Amazon, Google, Facebook etc. all had nice gains, while industrials, energy and retailers not named Amazon all struggled mightily. On the economic front, existing home sales rebounded nicely in May, and we’ll get prices tomorrow and new home sales on Friday.
As for stocks, by the close the Dow Jones Industrial Average was down 57 points to finish the day at 21,410. The S&P 500 was down 1 point to close at 2,435. Gold was up $4 to trade at $1,247 per ounce, while oil was down once again with WTI down $.95 to trade at $42.56.
With energy shares as well as industrials under selling pressure, if you add in the continuous decline in long term yields, it could portend a difficult picture for the economy going forward. Of course, as we have pointed out, the bond market could be wrong, and selling industrials and economically sensitive shares right now may not end up being correct. Only time will tell. Stay with us.
Have a nice evening everyone.
