Friends
Becoming more convinced that the Fed will cut the Fed Funds rate in September, market participants bid stocks higher today. As we hear from Fed officials via interviews and speeches it is becoming clear that they are on board for a couple of rate cuts in the second half of this year. Of course, there will be a lot of data released between now and the September FOMC meeting so things can change. As we know narratives change on a daily basis.
As for today, by the close the Dow Jones Industrial Average was up 81 points to finish the day at 44,193. The S&P 500 was up 45 points to close at 6,345. The Nasdaq Composite Index was up 252 points to close at 21,169. Gold was down $1 to trade at $3,434 per ounce, while oil was down $1.11 to trade at $64.05 per barrel WTI.
The bulls continue to hold the high ground, but fewer and fewer generals are leading the way. Hopefully we’ll see some widening of upside participation. In the meantime, tariffs and the Fed seem to be driving the daily narratives.
Have a nice evening everyone.
