Friends
The bulls tried to keep up the momentum but there just wasn’t enough enthusiasm to move stocks higher in today’s trading session. A pause that refreshes would not be a bad thing at this point. Yes, I know I have said for the most part conditions are good for higher stock prices, but as I continue to point out valuations just seem a bit rich to me. Some of the big tech growth names have stalled at lower levels, and that’s ok, but if that continues then new leadership will have to emerge if the market averages are going to continue to move higher.
As for today, by the close the Dow Jones Industrial Average was down 62 points to finish the day at 39,069. The S&P 500 was down 19 points to close at 5,069. The Nasdaq Composite Index was down 20 points to close at 15,976. Gold was down $6 to trade at $2,042 per ounce, while oil was up $1.20 to trade at $77.69 per barrel WTI.
We are going to hear a lot from Fed officials this week and I expect the message will be that we are going to likely see lower rates this year, but the easing is likely to happen later than markets had been anticipating. I think that messaging is already priced into the market so I would guess it would take a dramatic turn from that narrative to shake things up. We’ll let you know how the week plays out.
Have a nice evening everyone.
