Friends
As we move into a very busy couple of weeks of corporate earnings releases, stocks began today’s trading session on the defensive. Perhaps the bulls were tentative to jump into the pool after last week’s gains, but as the trading session wore on the bulls became more emboldened moving the S&P and the Nasdaq well into positive territory. The Dow was the laggard of the session but did make a valiant attempt to recover early losses only to fall just a bit short.
For the day, by the close the Dow Jones Industrial Average was down 36 points to finish the day at 35,258. The S&P 500 was up 15 points to close at 4,486. The Nasdaq Composite Index was up 124 points to close at 15,021. Gold was down $3 to trade at $1,765 per ounce, while oil was up $.18 to trade at $82.46 per barrel WTI.
Again, the next couple of weeks will be chock full of corporate earnings reports. It’s early, but so far market participants have been pleasantly surprised by what companies have reported and announced. Perhaps, contrary to earnings seasons in recent past, maybe this time stocks have already priced in supply chain and inflation issues. Indeed, it was reported today that 88% of the S&P 500 stocks have experienced at least a 10% pullback already this year. Though the market averages have held rather steady, supported by big names like Tesla, Netflix, Google, Apple, Microsoft etc., much of the rest of the market has undergone a correction. Keep that in mind as we navigate the next few weeks.
Have a nice evening everyone.
