Friends
Nvidia had a great earnings report, but not surprisingly the shares struggled in today’s trading. Yes, the report was great but topping the last year and a half was going to be next to impossible. Don’t worry about Nvidia, they will be just fine. Sometimes reality and expectations just have to meet. On the economic front, jobless claims fell from last week, and 2nd quarter GDP was revised higher to 3% instead of the previous reported 2.8%. Yes, that is backward looking, but if we are slowing (and we likely are) we are doing so from a higher level.
Stocks were strong early but gave up a lot of those gains later in the trading session. By the close, the Dow Jones Industrial Average was up 243 points to finish the day at 41,335. The S&P 500 was down a fraction to close at 5,591. The Nasdaq Composite Index was down 39 points to close at 17,516. Gold was up $18 to trade at $2,556 per ounce, while oil was up $1.54 to trade at $76.06 per barrel WTI.
Things should quiet down tomorrow as we head into the 3-day holiday weekend. Whatever the case we will let you know how the week and month finish out tomorrow.
Have a nice evening everyone.
