Friends
It’s going to be a busy week of earnings and Fed news. The FOMC meeting begins tomorrow with the statement and the press conference on Wednesday. It’s believed that the Fed will raise the Fed Funds rate another quarter of a point at this meeting despite the mounting evidence that inflation has been moderating. Fed officials want to make sure that they have inflation squashed and a resilient economy and a healthy stock market are providing the cover that the Fed needs. On the earnings front we will hear from Alphabet (Google) Meta (Facebook), Microsoft, Intel, McDonald’s, Coca-Cola, Chipotle, Ford, GM, and Boeing just to name a few.
In the meantime, the stodgy old Dow Jones Industrial Average once again led stocks higher. For the day, the Dow was up 183 points to close at 35,411. The S&P 500 was up 18 points to finish the day at 4,554. The Nasdaq Composite Index was up 26 points to close at 14,058. Gold was down $10 to trade at $1,956 per ounce, while oil was up $1.84 to trade at $78.91 per barrel WTO.
As I said a very busy week ahead. Buckle up and stay tuned.
Have a nice evening everyone.
