After yesterday’s nice snapback rally, a bad overnight session in China lead to a soft opening as trading got underway. Stocks stayed in negative territory for the rest of the day as yesterday’s rally was quickly forgotten. Traders seem to be bracing themselves for a bad revised GDP number (heck, the first one was bad enough).
By the close, the Dow Jones Industrial Average was down 36 points to finish the day at 18,126. The S&P 500 was down 2 points to close at 2120. Gold was up $2 to trade at $1188 per ounce, while oil was up $.36 to trade at $57.87 per barrel WTI.
Expectations are low for the revised 1st quarter GDP number, and quite frankly it is old news at this point, so let’s see what market participants elect to do or not do with tomorrow’s data. Remember, next week we get the jobs number, one that might be instrumental in persuading the Fed to move or to wait.
Have a nice evening everyone.