Well, we’re off and running on what looks like another challenging week; difficulties in Argentina, plunging bond yields, problems in Hong Kong, plunging corn and soybean prices, and a general negative vibe helped send stock prices down at the open, and the losses mounted as the trading session wore on.
By the close, the Dow Jones Industrial Average was down 391 points to finish the day at 25,896. The S&P 500 was down 35 points to close at 2,882. Gold was up $15 to trade at $1,523 per ounce, while oil was up $.26 to trade at $54.76 per barrel WTI.
In addition to the challenging global scene, over the next couple of weeks we get earnings reports from several retailers including Walmart, JC Penney, Macy’s and Dillard’s this week. Next week we’ll see earnings reports from Target, Kohl’s, TJX, L Brands, Lowes, Home Depot, Nordstrom, Gap, and Ross Stores. The consumer has been the bright and shining star amongst all of the gloom and doom this year. It will be interesting to see who are the winners and the losers among the retail group. Stay with us, it’s likely to be a busy week.
Have a nice evening everyone.