Friends
Stocks slumped on some less than stellar earnings reports from Caterpillar, which weighed on industrials, and NVIDIA Corp. which weighed on chip makers and technology shares in general. So far, this earnings season has been a mixed bag with regards to how the shares of reporting companies are reacting to their company’s earnings release. Some are showing signs of having been oversold into earnings, and some like Caterpillar are revealing that the shares may have still been a little rich into earnings.
By the close, the Dow Jones Industrial Average was down 208 points to finish the day at 24,528. The S&P 500 was down 20 points to close at 2,643. Gold was up $4 to trade at $1,302 per ounce, while oil was down $1.54 to trade at $52.15 per barrel WTI.
Towards the close of trading, White House economic advisor Larry Kudlow voiced a more bullish opinion of the economy than the Congressional Budget Office (CBO) report which was released earlier in the day, which may have helped stocks close more off the lows than they might have. We have a lot more earnings releases this week including Apple, 3M, Verizon, AT&T, Boeing, Facebook, Altria, DowDupont, Exxon Mobil, Honeywell, Merck and Pfizer. Also, we have a jobs number on Friday. Stay tuned, it should be a busy week.
Have a nice evening everyone.
