Friends
Today’s CPI number came in as expected, 2.7% annualized, but it was a higher number than the past couple of months. Stocks were mixed after the report with value names declining while growth stocks as represented by the Nasdaq and boosted by Nvidia, moved slightly higher.
By the close, the Dow Jones Industrial Average was down 436 points to finish the day at 44,023. The S&P 500 was down 24 points to close at 6,243. The Nasdaq Composite Index was up 37 points to close at 20,677. Gold was down $23 to trade at $3,335 per ounce, while oil was down $.26 to trade at $66.72 per barrel WTI.
JP Morgan, Wells Fargo, and Citi all had decent earnings, but with mixed results with regards to their share price performance after the release. It appears that companies are going to have to exceed expectations to get any type of bump in their share price. Remember, a lot of stocks have moved towards all-time highs recently, so the bar has been raised for Corporate America. We’ll keep you posted on the results over the coming weeks.
Have a nice evening everyone.
