Friends
Stocks, well mainly the Dow, were down today attributed mainly to interest rates moving higher. The Nasdaq actually moved higher, and the S&P was mostly unchanged. Smoke signals coming from Fed officials continue to hint that there may not be any rate cuts this year, and that is something the bulls will have to grapple with as they create their second half of 2024 narrative.
As for today, by the close the Dow Jones Industrial Average was down 216 points to finish the day at 38,852. The S&P 500 was up 1 point close at 5,306. The Nasdaq Composite Index was up 99 points to close at 17,019. Gold was up $24 to trade at $2,359 per ounce, while oil was up $2.51 to trade at $80.23 per barrel WTI.
As mentioned, the Nasdaq was higher today but it’s becoming a one stock story with Nvidia leading the index higher on almost a daily basis. We get inflation data this week and earnings from Costco, so we have a little to chew on in this holiday shortened week. Stay tuned.
Have a nice evening everyone.
