Friends
A blowout earnings report from AI chip make Nvidia fueled a rally in the Nasdaq today once again illustrating the divergence between the different market indices. The Nasdaq is having a great year (after a very difficult 2022), the S&P 500 is up nicely (mainly carried by the likes of Apple and Microsoft), but the old Dow Jones Industrial Average is actually down for the year. The Small Cap Russell 2000 is also down year-to-date. So, it is a mixed bag this year, mainly explained by the strength in a small group of stocks, Apple, Google, Meta, Microsoft, Netflix, etc. Other than those big names, it’s been a difficult year for the majority of stocks.
As for today, by the close the Dow Jones Industrial Average was down 35 points to finish the day at 32,764. The S&P 500 was up 36 points to close at 4,151. The Nasdaq Composite Index was up 213 points to close at 12,698. Gold was down $24 to trade at $1,939 per ounce, while oil was down $2.37 to trade at $71.97 per barrel WTI.
Still no agreement on the debt ceiling dilemma (as we mentioned, a last-minute deal is most likely), so market participants still seem tentative and for good reason. Let’s see how the week finishes out before we head into the holiday weekend.
Have a nice evening everyone.
