We have a week chocked full of earnings releases and economic data in store for us, not to mention an FOMC meeting. We start with Apple’s earnings after the close today, and then the earnings reports keep on coming. On the economic front we get a look at first quarter GDP on Wednesday, but before that we get Case-Shiller Home Price Index tomorrow, and of course we get jobless claims on Thursday and then PMI Manufacturing, ISM Manufacturing, Construction Spending and Consumer Sentiment on Friday.
As for today’s market action, the Dow Jones Industrial Average, after being up nicely in the morning, was down 42 points to close at 18,037. The S&P 500 was down 8 points to finish the day at 2108. Gold was up $27 to trade at $1202 per ounce, while oil was down $.28 to trade at $56.87 per barrel WTI.
As for that Fed meeting which begins tomorrow, traders will be looking for clues as to whether the Fed is still intent on raising rates this year (probably), and if so, just when that might begin. Of course, you know that we think any rate increase will simply be a token gesture at this point and one that simply gets the Fed off of its emergency policy stance. Stay tuned, it should be a busy week.
Have a nice evening everyone.