Friends
As we expected, earnings releases are shaking things up a bit. When’s the last time we saw Nasdaq down 2% while the sleepy Dow Jones Industrial Average was up? Netflix and Tesla led the Nasdaq lower after their earnings releases while Johnson & Johnson led the Dow higher after their earnings release. Both Tesla and Netflix have seen their shares soar this year while J & J has seen its shares struggle. Set ups are important.
By the close, the Dow Jones Industrial Average was up 163 points to finish the day at 35,225. The S&P 500 was down 30 points to close at 4,534. The Nasdaq Composite Index was down 294 points to close at 14,063. Gold was down $7 to trade at $1,973 per ounce, while oil was up $.28 to trade at $ 75.63 per barrel WTI.
Today’s action gives us an indication of what we can expect over the next couple weeks as a majority of the S&P reports earnings. We are likely to see stocks reacting somewhat wildly to earnings releases and a lot of it depends on the expectations and the stock action going into the print. First let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
