Friends
Stocks finally took a breather today as concerns about a bubble developing in AI related stocks (and the stock market in general), continues to gain traction among market participants. Given that we aren’t getting economic data for the moment, stock market valuation is entering the narrative. Starting next week, corporate earnings will likely become the focus point.
For the day, the Dow Jones Industrial Average was down 91 points to close at 46,602. The S&P 500 was down 25 points to close at 6,714. The Nasdaq Composite Index was down 153 points to close at 22,788. Gold was up $27 to trade at $4,003 per ounce, while oil was up $.39 to trade at $62.08 per barrel WTI.
I noted for some time now that stock valuations are stretched, but I always remind you that valuations are not a timing mechanism. Things can remain overvalued or undervalued for very long periods of time. And again, as far as the government shutdown is concerned, investors don’t appear to concerned yet. Stay tuned.
Have a nice evening everyone.
