Stocks got off to a rocky start this morning, but over the course of the trading session the market averages were able to erase earlier losses. Market participants are a bit wary of what Fed Chair Powell will say tomorrow and Thursday in front of Congress. Likely, the Fed Chair will say that the economy is doing ok, but the Fed is ready and willing to step in to ensure that the economy stays afloat. On the earnings front, Pepsi reported a number better than expected this morning, but the shares struggled a bit throughout the trading day. We’ll be watching how stocks react to their earnings release over the next few weeks. It appears much of the good news was priced into Pepsi’s share price. It also makes me wonder what happens to the shares of companies that disappoint. Stay tuned.
For the day, the Dow Jones Industrial Average was down 22 points to close at 26,783. The S&P 500 was up 3 points to finish the day at 2,979. Gold was down $1 to trade at $1,399 per ounce, while oil was up $.29 to trade at $57.95 per barrel WTI.
Let’s see how the Fed Chairman does tomorrow.
Have a nice evening everyone.