Friends
We have a big week of earnings with 180 of the S&P 500 companies reporting this week. Google, one of the big 5 momentum stocks reports after the bell today, and Facebook and Amazon later this week. In addition to all the earnings releases, we have a two day FOMC meeting which begins tomorrow. Though we don’t expect any action with regards to a rate hike, we may get more color on the Fed’s plan to reduce their balance sheet (sell bonds).
Of course, we deal with political headlines on a daily basis, which could also add to the mixture this week.
As for today, stocks had a slightly negative bias but once again without much conviction. As a matter of fact, the Nasdaq enjoyed a good day led by the momentum names as they gear up for those earnings releases. By the close, the Dow Jones Industrial Average was down 66 points to finish the day at 21,513. The S&P was down 2 points to close at 2,469. Gold was up a fraction to close at $1,255 per ounce, while oil was up $.63 to trade at $46.40 per barrel WTI.
As mentioned, it will be a hot week for earnings releases as we’ll get reports from Google, Facebook, Amazon, MMM, Caterpillar, DuPont, Eli Lilly, GM, Kimberly-Clark, McDonalds, Boeing, Coca-Cola, Ford, Bristol-Myers Squibb, ConocoPhillips, Dow Chemical, Intel, Verizon, Merck and many more. It should be an interesting week. Stay tuned.
Have a nice evening.
