Friends
While the business media was obsessing over the Apple rollout of the iPhone 7 today, stocks were busy doing a whole lot of nothing. The beige book report shows modest domestic economic growth, but did show a bit of strength in wage growth (but little else in terms of inflation pressures). As we have noted for a very long time now, economic data continues to be mixed. The Fed would seem to be able to find a data point or two to support whatever direction they wish to pursue.
As for today, the Dow Jones Industrial Average was down 11 points to close at 18,526. The S&P 500 was down less than a point to close at 2,186. Gold was down $4 to trade at $1,349 per ounce, while oil was up $.57 to trade at $45.40 per barrel WTI.
With supposedly everyone back from vacation and ready for the home stretch of the investment year, one might have thought that we would have seen more action as September begins. With stocks up for the year and many hedge fund managers woefully behind, a chase for performance might develop as we work our way towards the final quarter of the year. Let’s see if the action picks up before week’s end.
Have a nice evening everyone.
