After last Friday’s blow off type afternoon rally, the bulls showed up for today’s session a bit less enthused. It’s a big week for earnings, so there will be a lot of ebbs and flows with regards to corporate earnings news, and of course tomorrow night we have President Trump’s first state of the Union address. But the main thing that seemed to be bothering the bulls was the rise in interest rates as the bond market continues to sell off. No, it’s not a stampede in the bond market, yet, but more of an incremental nuisance. The 10 year note traded with a yield above 2.70 today, and we haven’t seen those levels for some time.
By the close, the Dow Jones Industrial Average was down 177 points to finish the day at 26,439. The S&P 500 was down 19 points to close at 2,853. Gold was down $11 to trade at $1,340 per ounce, while oil was down $.67 to trade at $65.47 per barrel WTI.
Just a few of the names that we’ll here from this week include, McDonalds, Pfizer, Merck, AT&T, Boeing, Facebook, Microsoft, MetLife, Google, Altria, Amgen, Apple, DowDupont, Visa and Clorox. Again, it’s the liveliest week for earnings of the quarter so stay with us.
Have a nice evening everyone.