Friends
Stocks were somewhat mixed in today’s trading with the Dow losing ground while the S&P and Nasdaq both posted gains. Gains in the shares of Alphabet (Google) and Apple helped fuel the move higher in the Nasdaq. But overall, there is a feeling that the economy is slowing which is beginning to concern market participants. Ironically, data confirming a slowing economy will give the Fed cover to lower the Fed Funds rate this month, something that the bulls have continued to clamor for. Friday’s jobs report should be a market mover.
As for today, by the close the Dow Jones Industrial Average was down 24 points to finish the day at 45,271. The S&P 500 was up 32 points to close at 6,448. The Nasdaq Composite Index was up 218 points to close at 21,497. Gold was up $27 to trade at $3,618 per ounce, while oil was down $1.69 to trade at $63.90 per barrel WTI.
Market participants seem to want enough bad economic news to warrant rate cuts, but not so bad that corporate earnings are in jeopardy. We’ll see if that goldilocks scenario unfolds or not.
Have a nice evening everyone.
