Friends
Stocks continued to lose ground as the long end of the yield curve continues to drift higher. Walmart had a good earnings report today- didn’t matter. We are in a bit of a good news is bad news narrative at the moment with regards to the economy, as good news is regarded as a problem for the Fed. Market participants, well at least the bulls, had gotten a little comfortable with the idea that the Fed was basically done raising interest rates.
As for today, by the close the Dow Jones Industrial Average was down 290 points to finish the day at 34,474. The S&P 500 was down 33 points to close at 4,370. The Nasdaq Composite Index was down 157 to trade at 13,316. Gold was down $9 to trade at $1,919 per ounce, while oil was up $.69 to trade at $80.07 per barrel WTI.
As we have reported it has been a difficult time for stocks over the past few weeks. Earnings were ok, but the share price reactions to them were disappointing, which indicated that any good news was already priced in. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.
