Friends
With Bank of America’s earnings beat this morning, added to reports from JP Morgan and Citi last Friday, the bank stocks finally had a nice day sporting some very nice gains. The market in general on the other hand was mainly flat as traders were glued to the summit and subsequent press conference in Helsinki between President Trump and President Putin late this morning. As the trading session wore on, stocks simply drifted between positive and negative territory.
By the close, the Dow Jones Industrial Average was up 44 points to finish the day at 25,064. The S&P 500 was down 2 points to close at 2,798. Gold was down a fraction to trade at $1,241 per ounce, while oil, rattled by the summit rhetoric was down $2.73 to trade at $68.28 per barrel WTI.
As expected, today’s Retail Sales data was robust and we’ll get a look at Industrial Production, Housing Starts, and Leading Indicators throughout the week. Also, it will be a busy week for corporate earnings with Netflix reporting after the closing bell today. Also, Fed Chairman Jerome Powell with be testifying before the Senate tomorrow and the House on Wednesday. So, we have a lot in front of us this week. Let’s see how things play out.
Have a nice evening everyone.
