Friends
It looked like the bulls were going to get the upper hand as the trading week began this morning, but as the day wore on the gains slipped away and stocks ended up mixed for the day. Now the question will be this week “was this just another bear market rally that was doomed to fail”? Of course, we will find out, but market participants are dealing with confusing economic data, confusing signals from Fed officials, and confusing messages from corporations. As we have mentioned narratives change almost daily, so investors should be careful not to put too much “stock” into any of these market moves or narrative changes.
As for today, by the close the Dow Jones Industrial Average was up 29 points to finish the day at 32,832. The S&P 500 was down 5 points to close at 4,140. The Nasdaq Composite Index was down 13 points to close at 12,644. Gold was up $13 to trade at $1,804 per ounce, while oil was up $1.45 to trade at $ 90.46 per barrel WTI.
All eyes will be on Wednesday’s CPI release. Talk about narratives. Wait until that number hits the wires. In the meantime, market participants might be cautious about putting new money to work until the inflation picture is clearer. Stay tuned.
Have a nice evening everyone.
