A pretty good retail sales number (Target and their problems notwithstanding), helped dampen the enthusiasm of market participants this morning. Remember, good news is bad news right now when it comes to economic data points as market participants want the Fed’s hawkish monetary policies to work so that they don’t have to continue to raise interest rates higher for longer. Anyway, stocks struggled to find their footing as the trading session wore on today.
By the close, the Dow Jones Industrial Average was down 39 points to finish the day at 33,553. The S&P 500 was down 32 points to close at 3,958. The Nasdaq Composite Index was down 174 points to close at 11,183. Gold was up $1 to trade at $1,778 per ounce, while oil was down $1.50 to trade at 85.42 per barrel WTI.
The bulls are trying to hang onto last weeks robust rally, but as the days go on it appears it is becoming more difficult to do so. Let’s see how the rest of the week goes.
Have a nice evening everyone.