Friends
Bond yields fell some today, and then stocks fell some today. That’s been the pattern for several days- if rates rise so do stocks, and when rates fall stocks fall with them. The stock and bond market have been telling different stories for years now, but at the moment the bond market is getting the negative benefit of the doubt.
By the close, the Dow Jones Industrial Average was down 173 points to finish the day at 25,962. The S&P 500 was down 23 points to close at 2,900. Gold was up $5 to trade at $1,516 per ounce, while oil was down $.03 to trade at $56.18 per barrel WTI.
Once again Fed Chair Powell will be speaking Friday morning at Jackson Hole, but before then we’ll continue to monitor earnings releases from retailers. Today, though both Home Depot and TJX appeared to slightly disappoint in terms of the headline release, once the Street looked under the hood both stocks fared just fine (with Home Depot actually enjoying a nice bounce). Let’s see if the late day dip in stocks carries over to tomorrow.
Have a nice evening everyone.
