Friends
The bulls had turnaround Tuesday on their minds at the open today, but they really kind of got it wrong. Better would have been if stocks had fallen at the open only to be reversed later in the day and pushed higher at the close. Instead, stocks moved higher at the open (almost 500 Dow points) but gave up those gains almost immediately. After some back and forth we ended up with a mixed bag. Nasdaq finally notched some gains, but the Dow still ended in the red.
By the close, the Dow Jones Industrial Average was down 84 points to finish the day at 32,160. The S&P 500 was up 9 points to close at 4001. The Nasdaq Composite Index was up 114 points to close at 11,737. Gold was down $19 to trade at $1,839 per ounce, while oil was down $3.18 to trade at $99.91 per barrel WTI.
All eyes will be on tomorrow morning’s CPI number. Inflation and the Fed’s policy pivot have been front and center in the minds of investors all year, so tomorrow’s retail inflation number is likely to illicit a robust response. We’ll let you know how the trading session unfolds after the report. Stay tuned.
Have a nice evening everyone.
