Friends
We mentioned last week that it might be better for the longer-term health of the stock market if things would cool down a little bit in the short run. We cooled down a little bit today. The big growth names led the Nasdaq Lower but the moves in the market averages were certainly not alarming. Again, a little cooling off period could be good.
As for today, by the close the Dow Jones Industrial Average was down 41 points to finish the day at 36,204. The S&P 500 was down 24 points to close at 4,569. The Nasdaq Composite Index was down 119 points to close at 14,185. Gold was down $43 to trade at $2,046 per ounce, while oil was down $.80 to trade at $73.27 per barrel WTI.
We will get employment news this week with the non-farm payroll number coming on Friday. All this before next week’s FOMC meeting. Fed Chair Powell insists that rates are not going to be cut anytime soon, and maybe today market participants were slightly more convinced than they appear to have been recently. But for a down day, the damage was very limited. Let’s see how the week plays out.
Have a nice evening everyone.
