Friends
Stocks remain mixed as big tech names continue to struggle while long forgotten value stocks continue to show some life. We will get a look at Microsoft’s earnings after the close today and that is likely to set the tone going into tomorrow’s trading session. In addition, we will be hearing from the Fed as they conclude their 2-day FOMC meeting. We don’t expect any movement on rates tomorrow, but we do expect the Fed Chair to tee up a rate cut for September. Stay tuned.
As for today, by the close the Dow Jones Industrial Average was up 203 points to finish the day at 40,743. The S&P 500 was down 27 points to close at 5,436. The Nasdaq Composite Index was down 222 points to close at 17,147. Gold was up $26 to trade at $2,403 per ounce, while oil was down $.75 to trade at $75.06 per barrel WTI.
It will be a very interesting next few trading sessions given the confluence of Fed policy and important earnings reports from market bellwethers. We will let you know how the rest of the week plays out. Buckle up, it could be volatile.
Have a nice evening everyone.
