Friends
Stocks did not get off to a very good start for the week as earnings season is about to kick into high gear. There was a negative tone to trading even before the opening bell as stocks spent the day wallowing in negative territory. After the close we get earnings from IBM and Netflix. As the week unfolds we will hear from Verizon, Microsoft, GE, McDonalds, Intel, Yahoo, American Express, Johnson & Johnson and Goldman Sachs just to name a few. Bank of America continued the stream a good numbers from the money center banks this morning, adding to Citi and JP Morgan Chase from last week. So buckle up, we might see some volatility.
For the day, the Dow Jones Industrial Average was down 51 points to close at 18,086. The S&P 500 was down 6 points to finish the day at 2126. Gold was down a fraction to trade at $1,254 per ounce, while oil was down $.48 to trade at $49.87 per barrel WTI.
Of course we have another Presidential Debate coming up on Wednesday, so unfortunately this week will be not only about earnings. Politics is likely to play into the market action also. Let’s see how these earnings reports are received by investors over the next couple of weeks. It should be interesting.
Have a nice evening everyone.
