Friends
After the close yesterday we got earnings from both Microsoft and Meta and both companies hit it out of the ballpark. That helped spark a rally in the Nasdaq (which fizzled at the close) while the other market averages struggled. This morning’s inflation reading was a little hotter than expected with the 12 month seasonally adjusted rate being 2.6%. That’s not the end of the world but still not near the 2% target that the Fed is hoping for. As mentioned, the market averages struggled as the trading session wore on.
By the close, the Dow Jones Industrial Average was down 330 points to finish the day at 44,130. The S&P 500 was down 23 points to close at 6,339. The Nasdaq Composite Index was down 7 points to close at 21,122. Gold was down $6 to trade at $3,346 per ounce, while oil was down $.88 to trade at $69.12 per barrel WTI.
After the close today we will hear from Apple and Amazon. Will their earnings be as good as Microsoft and Meta were yesterday? We will see. Even those two behemoths couldn’t save the markets today. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
