Friends
It was a sloppy day of trading without much conviction on either side of the playing field. Big Tech names continue to be under selling pressure and the less quality growth names from the past couple of years have yet to find a bottom, though many are 50% to 80% off their highs from last year. An old economic adage is that a recession is when your neighbor losses his job and a depression is when you lose your job. In stock market terms a bear market is when your stocks tumble more than 50%. That is what has been unfolding over the past 6 months. Though the market averages are down a “reasonable” amount, many individual names have been massacred. That kind of damage will likely take some time to repair.
As for today, by the close the Dow Jones Industrial average was up a single point to finish the day at 35,090. The S&P 500 was down 16 points to close at 4,483. The Nasdaq Composite Index was down 82 points to close at 14,015. Gold was up $15 to trade at $1,822 per ounce, while oil was down $.90 to trade at $91.41 per barrel WTI.
Along with one more active week of earnings, market participants will be keeping an eye on Thursday’s CPI number. We’ll keep an eye on that and let you know how the week unfolds.
Have a nice evening everyone.
