Friends
Stocks have struggled so far this week as traders appear to be waiting for announcements on trade deals as well as waiting to see what might come out of the Fed meeting. The President’s comments today seemed to downplay that any deals are close to being announced and he doesn’t see any urgency at the moment. We mentioned last week that after the rally we had that it wouldn’t surprise us if things cooled off just a bit and they appear to be doing just that.
For the day, the Dow Jones Industrial Average was down 389 points to close at 40,829. The S&P 500 was down 43 points to close at 5,606. The Nasdaq Composite Index was down 154 points to close at 17,689. Gold was up $105 to trade at $3,427 per ounce, while oil was up $1.88 to trade at $59.01 per barrel WTI.
We will get the Fed statement tomorrow at 1:00 followed by the Fed Chair’s press conference. Again, we don’t expect any movement on interest rates as the Fed appears to still be in a wait and see kind of attitude with regards to monetary policy. We’ll let you know what the Fed Chair has to say tomorrow. Stay tuned.
Have a nice evening everyone.
Jim
