Friends
After what was likely a lot of short covering during Friday’s surge, stocks struggled a bit during today’s trading session. All eyes will be on Nvidia’s earnings on Wednesday after the closing bell. In the meantime, investors continue to handicap the odds of a rate cut in September (I say the odds are 90% that there will be a rate cut). There will be jobs and inflation data released before the next meeting begins on September 16th so like any good prognosticator, I reserve the right to change my prediction.
For the day, the Dow Jones Industrial Average was down 349 points to finish the day at 45,282. The S&P 500 was down 27 points to close at 6,439. The Nasdaq Composite Index was down 47 points to close at 21,449. Gold was down $6 to trade at $3,411 per ounce, while oil was up $1.04 to trade at $64.70 per barrel WTI.
The question about Nvidia and its earnings on Wednesday is not really whether they will have good earnings. They most likely will. What will be interesting will be to see how the market reacts given the rise in their share price this summer. So, buckle up, the later part of the week is likely to be volatile.
Have a nice evening everyone.
