Friends
Today was pretty much the same script we have seen over the past couple of weeks. The AI/big tech names came under selling pressure enough to take the market averages into negative territory. It’s hard to read too much into recent market action as we are so close to year end. The bulls aren’t deterred yet, but it might be hard for Santa to stir a year end rally without tech cooperating.
As for today, by the close the Dow Jones Industrial Average was down 41 points to finish the day at 48,416. The S&P 500 was down 10 points to close at 6,816. The Nasdaq Composite Index was down 137 points to close at 23,057. Gold was up $6 to trade at $4,334 per ounce, while oil was down $.79 to trade at $56.65 per barrel WTI.
We are going to see a non-farm payroll number tomorrow and a consumer price index number on Thursday. Those should be interesting and the bond market was weak going into those releases. Let’s see if economic data is what drives stock prices this week. Stay tuned.
Have a nice evening everyone.
