Friends
A disappointing ADP private payroll number and a less than expected forward guidance from GM (it was still pretty good though) after it’s earnings report, sent stocks lower at the opening bell. Sure, you can add Covid-19 Delta variant concerns into the mix, but suffice it to say that market participants just were not in a buying mood.
For the day, the Dow Jones Industrial Average was down 323 points to close at 34,792. The S&P 500 was down 20 points to finish the day at 4,402. The Nasdaq Composite Index was up 19 points to close at 14,780. Gold was up $1 to trade at $1,814 per ounce, while oil was down $2.51 to trade at $68.05 per barrel WTI.
Though earnings have been much better than had been estimated, we have seen varied reactions by the shares of reporting companies. That indicates to me that a whole lot of good news was priced into stocks as we entered this earnings season. Still, the market averages have continued to challenge new highs despite the sloppiness beneath the surface. This is a seasonally difficult time of year for stocks, but we are certainly in anything but normal times. We’ll be watching Friday’s non-farm payroll number a little closer after today’s disappointing ADP number. Stay tuned.
Have a nice evening everyone.S
