Friends
I hope everyone had a safe and wonderful 4th of July weekend. As we got back to work today, market participants seemed reluctant to add to last week’s rally, and who can blame them. With a huge jobs number coming this Friday and then a curious earnings season about to unfold, it makes sense that the bulls take a little breather at the very least. Of course, we are always tuned into the global scene and along with Brexit, which we will likely be dealing with for months if not years, today traders turned a wary eye towards Italian banks.
Nevertheless, by the close the Dow Jones Industrial Average was down 108 points to finish the day at 17,840. S&P 500 was down 14 points to close at 2088. Gold was up $18.50 to trade at $1357 per ounce, while oil was down $2.23 to trade at $46.76 per barrel WTI.
Remember, it is a shortened week of trading, but in addition to the jobs number on Friday, we get PMI Service Index, ISM Non-Manufacturing numbers and the FOMC minutes tomorrow, then weekly jobless claims and the ADP Employment Report on Thursday. As we move into next week we will be preparing for the onslaught of earnings season. But first we’ll deal with this week’s jobs data. Stay tuned.
Have a nice evening everyone.
