Stocks got off to a sluggish start as trading began for the week, and the malaise continued throughout the trading session. Remember, we are just embarking on the journey that will be earnings season, and perhaps market participants are a bit hesitant to push the envelope before the litany of corporate results begin to hit the tape.
As for today’s action, by the close the Dow Jones Industrial Average was down 56 points to close at 17,736. The S&P 500 was down 6 points to close at 2066. Gold was down $7 to trade at $1,216 per ounce, while oil was down $1 to trade at $35.79 per barrel WTI.
On the economic front, we’ll get JOLTS, ISM non-manufacturing, and PMI Services Index tomorrow, FOMC minutes on Wednesday, jobless claims and chain store sales on Thursday, and Wholesale Trade on Friday. These are not market moving economic data points, so once again the anticipation of corporate earnings season will likely be the main driver of prices as we progress this week. Market participants will be trying to determine if the stocks they own are properly priced given the earnings environment. Stay tuned.
Have a nice evening everyone.