Friends
As we expected, earnings reports from the big growth companies are helping to fuel some volatility in the markets. After the close yesterday we saw earnings from Microsoft and Meta. Both had really good reports but the shares of both sold off. We get Apple and Amazon today after the closing bell. We’ll see how their shares do tomorrow. On the economic front the PCE price index showed that inflation has tempered to a 2.1% rise over the past 12 months. This number combined with tomorrow’s jobs report probably will be the determining factors with regards to the Fed’s interest rate decision next week.
Stocks on the whole stumbled badly into the month close. For the day, the Dow Jones Industrial Average was down 378 points to close at 41,763. The S&P 500 was down 108 points to close at 5,705. The Nasdaq Composite Index was down 512 points to close at 18,095. Gold was down $41 to trade at $2,758 per ounce, while oil was up $1.96 to trade at $70.57 per barrel.
Remember, we get that jobs data tomorrow. We’ll let you know how the week finishes out.
Have a Happy Halloween Everyone.
Jim
