Friends
As traders wait to see what comes out of the FOMC meeting tomorrow, stocks drifted into negative territory for most of the trading session. Today’s PPI number was a bit “hot”, while the retails sales number was a bit soft. Remember, all eyes are on the Fed’s take on inflation and how that might affect Fed monetary policy.
As for stocks, by the close the Dow Jones Industrial Average was down 94 points to finish the day at 34,299. The S&P 500 was down 8 points to close at 4,246. The Nasdaq Composite Index was down 101 points to close at 14,072. Gold was down $5 to trade at $1,860 per ounce, while oil was up $1.35 to trade at 72.23 per barrel WTI.
Being that the markets have been so dependent on Fed policy for more than a decade now, it is not surprising that market participants are intently focused on tomorrow’s announcement. We’ll let you know what the Fed has to say and how that plays out tomorrow.
Have a nice evening everyone.
