Friends
Despite a government revision to the overall jobs numbers which saw a downward revision of 818,000 new jobs created this year, stocks were still able to scratch out gains during today’s trading session. Actually, revealing that the labor market has actually been softer than previously thought gives the Fed even more room to begin their easing cycle in September. Inflation coming down and the job market softening is a green light for the Fed to begin to lower rates.
As for today, by the close the Dow Jones Industrial Average was up 55 points to finish the day at 40,890. The S&P 500 was up 23 points to close at 5,620. The Nasdaq Composite Index was up 102 points to close at 17,918. Gold was up $2 to trade at $2,553 per ounce, while oil was down $1.27 to trade at $71.90 per barrel WTI.
Market participants will be focused on Fed Chair Powell’s comments at Jackson Hole on Friday morning. That commentary will likely set the tone for the markets until the Fed meeting next month. We’ll see if there is any movement at all tomorrow as investors wait for Friday. Stay tuned.
Have a nice evening everyone.
