Most of the attention overnight and into the opening of trading today dealt with the continued collapse in commodities led by a stunning drop in gold. That attention should turn to earnings as the week unfolds as more than 25% of the S&P report this week. As for stocks, we traded lower in early trading and slightly higher later in the session, but for the most part it appeared that traders are waiting for earnings to roll out this week.
By the close, the Dow Jones Industrial Average was up 13 points to finish the day at 18,099. The S&P 500 was up 1 point to close at 2128. Gold was down $29 to trade at $1102 per ounce, while oil was down $.93 to trade at $49.96 per barrel WTI.
The continued strength in the dollar, and expected global weakness in growth, are weighing on the commodity complex. It will be interesting to see if these deflationary pressures have any effect on stock prices, either way. Well, let’s buckle up for a busy earnings week. We’ll let you know how the week plays out.
Have a nice evening everyone.