Friends
A combination of weak economic news (elevated jobless claims, slumping leading indicators and reduced manufacturing activity) and less than stellar earnings reports (AT&T, Tesla, Seagate, American Express) sent stocks lower in today’s trading. The long slow walk towards recession continues it appears, or at least in the minds of many market participants.
By the close, the Dow Jones Industrial Average was down 110 points to finish the day at 33,786. The S&P 500 was down 24 points to close at 4,129. The Nasdaq Composite Index was down 97 points to close at 12,059. Gold was up $8 to trade at $2,015 per ounce, while oil was down $1.87 to trade at $77.29 per barrel WTI.
As expected, it is already a difficult and complex earnings season and we haven’t even gotten to many of the big names like Apple and Microsoft. Of the 500 names in the S&P 500, 81 have reported so far and more than ¾ of them have beaten analysts estimates. As we know it’s not just the numbers but the guidance that firms give going forward that move share prices. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
