Friends
Political theater, an FOMC meeting and a whole lot of earnings reports. We knew this was going to be a busy week, and it sure is. Once again, on the earnings front, lowered expectations are often being beaten by the reporting companies, but the shares of these companies are having various different reactions. Much of that is predicted on how shares of a particular company had performed going into the earnings reports. We’ve seen some that had moved up suffer downward adjustments, and some that had lagged get a boost from even the most modest of beats. It is somewhat of a jigsaw puzzle, but we expected that. What the bulls might be able to hang their hat on is that both profits and revenues are beating more often than not.
As for stocks, after lingering in negative territory for most of the trading session, stocks finished the day mainly mixed. For the day the Dow Jones Industrial Average was down 19 points to close at 18,473. The S&P 500 was up a fraction to finish the day at 2169. Gold was up $1 to trade at $1,319 per ounce, while oil was down $.29 to trade at $42.84 per barrel WTI.
We will get the Fed statement tomorrow, though we are not expecting anything earth shattering, and the earnings will keep on coming, so we’ll try to keep you up to date on all the goings on as the week progresses.
Have a nice evening everyone.
