Word that there would not be any trade talks with the Chinese this week had stocks lower in early morning trading. By late morning, additional White House intrigue sent stocks, other than Nasdaq, an additional leg lower. We know that we are susceptible in the short run to headlines, and today was another example. After last week’s gains, it’s not surprising, or necessarily a bad thing that we take a little pause that could refresh.
By the close, the Dow Jones Industrial Average was down 181 points to finish the day at 26,562. The S&P 500 was down 10 points to close at 2,919. Gold was up $2 to trade at $1,203 per ounce, while oil was up $1.46 to trade at $72.25 per barrel WTI.
Remember, the FOMC meeting begins tomorrow, and we are likely to get a rate hike announced on Wednesday. Earnings season is still a few weeks away, so trade negotiations and White House intrigue will likely continue to be the focus of traders’ attention. It the bulls can get through this week unscathed, I think that would consider themselves fortunate. Stay tuned.
Have a nice evening everyone.