Stocks once again seesawed back and forth today reacting to earnings releases, bond market selloffs and in anticipation of tomorrow’s non-farm payroll number. Earnings have been good, but as we know prices were somewhat extended as we entered this earnings season. Bonds continue to selloff with the 30 year Treasury Bond’s yield moving above 3%, while the 10 year note traded up to 2.77%. Tomorrow’s non-farm payroll number is estimated to be about 175,000 new jobs created in January. Added to that is that we get earnings from Alphabet, Amazon and Apple after the closing bell.
For the day, the Dow Jones Industrial Average was up 36 points to finish the day at 26,186. The S&P 500 was down 1 point to close at 2,821. Gold was up $9 to trade at $1,352 per ounce, while oil was up $1.36 to trade at $66.09 per barrel WTI.
As mentioned, stock movements the past several sessions seem to ebb and flow with the action in the bond market. It appears that when certain yield levels are hit, it triggers sells in the stocks. Let’s see how Apple, Amazon and Alphabet do after the bell and then focus on tomorrow’s jobs report. Lots going on right now. Stay tuned.
Have a nice evening everyone.