We got our first look at 2nd quarter GDP today, and as expected it wasn’t pretty. Maybe more concerning is that weekly jobless claims have been back up a couple of weeks in a row now. We know the labor picture is extremely distressed and will likely continue to be for at least the rest of the year. The markets are not surprised by that, of course, but it still is hard to look at. In the meantime stocks traded in negative territory during today’s session, but the bulls were able to keep the damage to minimum.
For the day, the Dow Jones Industrial Average was down 225 points to close at 26,313. The S&P 500 was down 12 points to close at 3,246. Gold was down $8 to trade at $1,945 per ounce, while oil was down $1.10 to trade at $40.17 per barrel WTI.
The fireworks begin after the close as we get earnings releases from Amazon, Google, Facebook and Apple. It should be very interesting as these stocks have been some of the best performers all year. Are they priced correctly? We’ll see.
Have a nice evening everyone.