Stocks opened trading for the week in negative territory and spent the entire session drifting further into the red. Traders seemed to be focused on Greece (it seems like we have been focusing on Greece, on and off, for about a decade now), and not even the gains in oil could generate any buying interest.
By the close, the Dow Jones Industrial Average was down 95 points to finish the day at 17,729. The S&P 500 was down 8 points to close at 2046. Gold was up $6 to trade at $1241 per ounce, while oil was up $1.19 to trade at $52.88 per barrel WTI.
As earnings season begins to wind down this week, traders will be monitoring speeches by several Fed officials. On the data front, we get the JOLTS report tomorrow (job openings and turnover), and the weekly jobless claims and retail sales on Thursday. On Friday, we get consumer sentiment and import and export prices. All in all, not a big week for data, so traders will be looking for direction as the trading week unfolds. Though February is off to a good start, the bulls have lost some of the momentum the last couple of trading sessions. Let’s see if they can recapture that momentum.
Have a nice evening everyone.