Stocks struggled from the get-go this morning and the bulls never bothered to get involved as the trading session wore on. Market participants will be monitoring the comments of Fed Chairman Powell from Jackson Hole, Wyoming tomorrow, to determine whether the strong series of economic data we have seen in recent weeks is going to make the Fed more hawkish towards interest rates. Common belief is that the Fed will raise the Fed Funds rate two more times this year, likely at the September meeting and again in December.
As for stocks, by the close the Dow Jones Industrial Average was down 76 points to finish the day at 25,656. The S&P 500 was down 4 points to close at 2,856. Gold was down $11 to trade at $1,192 per ounce, while oil was down $.01 to trade at $67.85 per barrel WTI.
As we navigate the final weeks of the dog days of summer, we continue to watch to see if the bulls can break through the almost year-long resistance level of 2873 on the S&P. First, let’s see how the week finishes out tomorrow.
Have a nice evening everyone.