Friends
It was another very uneventful trading session today as stocks gave up early gains and subsequently drifted back and forth across the breakeven line throughout the later part of the trading session. Bonds on the other hand continue to rally pushing rates lower. The 10-year Treasury Note yield has moved down to 4.25% in very short order. Market participants are convinced that the Fed will be lowering rates sooner than later and are frontrunning the whole situation. The markets just don’t believe the “higher for longer” mantra put forth by the Fed all year long.
As for today, by the close the Dow Jones Industrial Average was up 13 points to finish the day at 35,430. The S&P 500 was down 4 points to close at 4,550. The Nasdaq Composite Index was down 23 points to close at 14,258. Gold was up $5 to trade at $2,045 per ounce, while oil was up $1.37 to trade at $77.78 per barrel WTI.
The bulls should take comfort in the fact that after a huge run for stocks in November, it doesn’t appear that market participants want to give any of it back right now. We’ll see if they can keep the momentum going as we enter December and the holiday season. Stay tuned.
Have a nice evening everyone.
