Friends
As the 10-year Treasury Note yield hit 4.25% stocks were opening lower this morning. The yield on the 10-year has now moved up from around 3.60% the day the Federal Reserve lowered the Fed Funds rate .50% to near 4.25%. That is quite a move and is presenting a headwind for stocks. Today’s early downturn only got worse as the trading session wore on.
By the close, the Dow Jones Industrial Average was down 409 points to finish the day at 42,514. The S&P 500 was down 53 points to close at 5,797. The Nasdaq Composite Index was down 296 points to close at 18,276. Gold was down $28 to trade at $2,731 per ounce, while oil was down $.83 to trade at $70.91 per barrel WTI.
Once again, many company earnings releases are being met with little enthusiasm. Coca-Cola was a good example today, but certainly not the only example we have seen so far this earnings season. We get a look at Tesla’s earnings after the close, but it won’t be until next week when we see earnings from many of the big names including Google, Apple, Meta, and Microsoft. It’s likely to remain choppy for a couple of weeks. Stay tuned.
Have a nice evening everyone.
