Friends
It was a somewhat quiet day of trading but a good sign for the bulls is that participation seems to be broadening out. So far this year, the market averages have been carried by a few big-name tech stocks, but we are seeing other areas begin to participate- at least at little. The new Fed narrative is that we are likely to see a pause at the upcoming meeting but another rate hike or two is likely in coming months.
As for today, by the close the Dow Jones Industrial Average was up 10 points to finish the day at 33,573. The S&P 500 was up 9 points to close at 4,283. The Nasdaq Composite Index was up 46 points to close at 13,276. Gold was up $4 to trade at $1,978 per ounce, while oil was down $.60 to trade at $71.55 per barrel WTI.
It may not always be pretty, but the bulls continue to push the envelope while the bears continue to be frustrated. The AI story is dominating the tech world, and the tech world is dominating the stock market. That’s the story at the moment. Let’s see how the rest of the week plays out.
Have a nice evening everyone.
