Friends
As market participants wait for the festivities to begin at Jackson Hole, economic data continues to show weakness in the economy. This week we have seen soft housing data and a services PMI number yesterday that was surprisingly weak. Remember nearly 3 quarters of the U.S. economy is service related and that number being so weak caught some by surprise. All this will lead into the Jackson Hole gathering and the Fed Chair’s comments on Friday.
As for today, by the close the Dow Jones Industrial Average was up 59 points to finish the day at 32,969. The S&P 500 was up 12 points to close at 4,140. The Nasdaq Composite Index was up 50 points to close at 12,431. Gold was up $3 to trade at $1,764 per ounce, while oil was up $1.47 to trade at $ 95.21 per barrel WTI.
The bulls were able to stem the tide today, but after the close we get some important earnings releases from tech names, the likes of Nvidia, Salesforce and Snowflake. Let’s see how things play out tomorrow before the Fed Chair Powell takes the mic on Friday.
Have a nice evening everyone.
Jim
