Friends
Stocks were quiet as market participants wait for the all-important non-farm payroll number to be released tomorrow morning. Remember, we have seen what looks like a softening in the labor market, something the Fed was not only predicting but hoping for. Tomorrow’s number will either reiterate what looks like is a trend or might just blow up the narrative altogether. Our guess is that the “weakening” in the labor market is real, but from a very strong level.
As for today, by the close the Dow Jones Industrial Average was up 78 points to finish the day at 38,886. The S&P 500 was down 1 point to close at 5,352. The Nasdaq Composite Index was down 14 points to close at 17,173. Gold was up $17 to trade at $2,392 per ounce, while oil was up $1.50 to trade at $75.57 per barrel WTI.
It should be an interesting end to the week tomorrow. We’ll let you know how it all plays out. Stay tuned.
Have a nice evening everyone.
