Friends
Despite all the political headlines, the stock market seems to be totally disinterested at the moment. Today’s action saw very little movement in either direction as traders continue to monitor the balance of the earnings season, an FOMC meeting which begins tomorrow and concludes on Wednesday, and a jobs report on Friday. Of course, there can be new political developments on a daily bases from now until next Tuesday-and perhaps beyond.
As for today, by the close the Dow Jones Industrial Average was down 18 points to finish the day at 18,142. The S&P 500 was down a fraction to close at 2126. Gold was up $1 to trade at $1,278 per ounce, while oil was down $1.92 to trade at $46.78 per barrel WTI. Natural Gas was down $.088 to trade at $3.017.
As mentioned, there is a Fed meeting this week in addition to a plethora of economic data points including, ISM Manufacturing Index, PMI Manufacturing Index, ADP private sector payrolls and then the non-farm payroll number on Friday. So far markets are taking everything somewhat in stride, although October did end up being the worst month we have seen since January (S&P down a little less than 2%). We don’t expect anything of substance to come out of this week’s FOMC meeting, but we’ll let you know what’s in the statement on Wednesday.
Have a nice evening everyone.
