Stocks got off to a quiet start for June as traders spent the early part of the trading session trying to figure out the ISM Manufacturing Index which was released this morning, revised, and then revised again- all within about an hour or so. The first release looked disappointing, the second looked pretty good, and the third one was about in line. Traders were pulling out their hair. The real number comes on Friday with the non-farm payroll release. That will set the tone for the early part of the month (unless Mr. Draghi does something unexpected this week).
By the close, the Dow Jones Industrial Average was up 26 points to finish the day at 16,743. The S&P 500 was up 1 point to close at 1924. Gold was down $3 to trade at $1242 per ounce, while oil was down $.31 to trade at $102.40 per barrel WTI.
Today’s trading reflects the tone of the markets we have seen most of the year. Very little volume and very little volatility. Perhaps the news flow will put a charge into things this week. We’ll be watching and let you know.
Have a nice evening everyone