New Quarter Starts On A Weak Note

Friends

Stocks did not a have a very good day, and that is no April Fool’s joke. Futures were lower overnight and despite an early morning rally in those futures, stocks began trading to the downside and remained in negative territory for the entire trading session. The weaker than expected ADP private payroll number didn’t help the mood, and expectations are somewhat lowered now for Friday’s non-farm payroll number.

By the close, the Dow Jones Industrial Average was down 77 points to finish the day at 17,698. The S&P 500 was down 8 points to close at 2059. Gold was up $20 to trade at $1203 per ounce, while oil was up $1.97 to trade at $49.57 per barrel WTI.

Tomorrow will be the last trading day this week as markets are closed for Good Friday. As mentioned, we will get the jobs report on Friday despite the market being closed. The bears seem to have the upper hand at the moment, as economic numbers are showing weakness and earnings estimates are slumping. Let’s see if the bulls can get this thing back on track as the new quarter unfolds.

Have a nice evening everyone.

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