Friends
Stocks tried to push lower after yesterday’s selloff in response to the Fed Chair’s testimony before Congress, but the sellers seemed to run out of gas as the trading session wore on. Regardless, Friday’s job number and next week’s inflation data will set the tone for traders over the coming week. Those data points will likely determine whether the Fed raises the Fed Funds rate next week by a quarter or a half of a point.
As for today, by the close the Dow Jones Industrial Average was down 57 points to finish the day at 32,789. The S&P 500 was up 5 points to close at 3,992. The Nasdaq Composite Index was up 45 points to close at 11,576. Gold was down $1 to trade at $1,818 per ounce, while oil was down $1.04 to trade at $76.54 per barrel WTI.
How traders position themselves into Friday’s jobs report will determine the magnitude of the move after the report, but I suspect Friday could be a volatile day for stocks. Let’s get through tomorrow first.
Have a nice evening everyone.
