Friends
Despite more good earnings reports, stocks sold off today in a kind of “sell the news” reaction. Sure, there are concerns about the Covid-19 resurgence and there is a Fed meeting going on today and tomorrow, but investors will be focused after the closing bell on earnings reports from powerhouses Apple, Microsoft, Google, Visa and Starbucks. Later in the week we’ll get Amazon and Facebook too, so the next couple of days will be interesting to watch.
For the day, the Dow Jones Industrial Average was down 85 points to close at 35,058. The S&P 500 was down 20 points to finish the day at 4,401. The Nasdaq Composite Index was down 180 points to close at 14,660. Gold was up $1 to trade at $1,800 per ounce, while oil was down $.19 to trade at $71.72 per barrel WTI.
As mentioned, the FOMC meeting is happening today and tomorrow. Though no action is expected, market participants always pay close attention to the wording in the statement and Fed Chair Powell’s press conference. The recent Delta variant concerns would seem to give the Fed more room to maintain their dovish stance. Anyway, there’s a lot to watch this week. We’ll provide the play by play as the week progresses.
Have a nice evening everyone.
