Stocks got off to a rocky start this morning seemingly reacting to a weekend of negative news including the mess in Afghanistan and the Delta variant surging. But as the trading session wore on the buyers appeared to push some of the market averages higher.
For the day, the Dow Jones Industrial Average was up 108 points to close at 35,624. The S&P 500 was up 11 points to finish the day at 4,479. The Nasdaq Composite Index was down 29 points to close at 14,793. Gold was up $11 to trade at $1,789 per ounce, while oil was down $.95 to trade at $67.49 per barrel WTI.
We have a full week of earnings reports from retailers in store. Tomorrow we will hear from Home Depot and Walmart. On Wednesday we will hear from Target, Lowes and TJ Maxx. Thursday will see Macy’s, Kohl’s and Ross Stores report, and finally Buckle and Foot Locker on Friday. My guess is that numbers will be good but management will be cautious about future guidance given the rise of the Delta variant. It will be very interesting to see how the shares of these retailers act after the announcements. Some have had quite a run while others have been somewhat left behind. Stay tuned, it should be an interesting week.
Have a nice evening everyone.