Friends
We saw some interesting volatility today as stocks opened down once again, accelerated to the downside before lunch and then spent the rest of the trading session erasing most of the losses. Home Depot had a really good earnings report, but traded down early only to recover to post a gain by the end of day. That is a pattern that we have seen a lot during this earnings season. A company has a stellar earnings report, the shares sell off because they have rallied into the print, but then recover shortly thereafter to push higher.
As for the markets, after being down 168 points the Dow Jones Industrial Average finished the day down 30 points to close at 23,409. The S&P 500 was down 5 points to close at 2,578. Gold was up $1 to trade at $1,280 per ounce, while oil was down $1.24 to trade at $55.52 per barrel WTI.
Despite a much higher jump in PPI number than expected, bonds didn’t really sell off, which is a bit surprising. Is inflation starting to rear its ugly head? Well, we won’t go that far, but it was a surprising bump in wholesale prices.
Let’s see what tomorrow brings.
Have a nice day everyone.
