Friends
With Google, Microsoft, and Meta (Facebook) all floundering this week and taking the wind out of the sails of the Nasdaq, it has been the stodgy old Dow Jones Industrial Average that has continued to push higher. Today buoyed by McDonalds, Caterpillar and Honeywell the Dow was the only market average able to post a gain in what was really a difficult day for many stocks. The darling mega cap growth stocks have become a source of funds now as investors seem to be favoring value over growth these days. Remember, these five or six big names carried the market averages higher over the past decade and made up almost 20% of the S&P 500 index alone. After the close today we hear from 2 other mega cap names – Apple and Amazon.
As for today, by the close the aforementioned Dow Jones Industrial Average was up 194 points to finish the day at 32,033. The S&P 500 was down 23 points to close at 3,807. The Nasdaq Composite Index was down 178 points to trade at 10,792. Gold was down $3 to trade at $1,665 per ounce, while oil was up $1.11 to trade at $89.02 per barrel WTI.
As we mentioned last week, earnings in general have been better than expected but there would be some landmines along the way. That has been true and now we face the ramifications of next week’s FOMC meeting. Let’s first see how the week finishes up tomorrow.
Have a nice evening everyone.
