It was a very quiet first trading day of the week. Stocks got off to a decent start at the open, but as the trading session wore on it appeared that neither the bulls nor the bears had much interest in participating. The Fed meeting next week will be a major focus for investors, but it appears that a quarter point cut in the Fed Funds rate is already baked into market expectations.
As for today, by the close the Dow Jones Industrial Average was up 38 points to finish the day at 26,835. The S&P 500 was down a fraction to close at 2,978. Gold was down $6 to trade at $1,509 per ounce, while oil was up $1.50 to trade at $58.02 per barrel WTI.
We will get inflation numbers this week with the PPI release on Wednesday and the CPI release on Thursday. In addition, we’ll get a retail sales number on Friday, which should interest market participants. Other than that, it could be a somewhat quiet week. Of course, you never know when a headline or a tweet will stir things up. We’ll let you know how the week unfolds.
Have a nice evening everyone.