The pattern we are seeing with earnings is that often the lowered expectation bar is being cleared, but the companies are finding it very difficult to find anything positive about the immediate future. Investors know the difficulties these companies face, thus revenue decreases are not unexpected. What is concerning is that it’s difficult to expect things to get much better anytime soon. That, and concerns that Congress might take more time than the market would like to come to an agreement and pass another stimulus bill seemed to put a damper on today’s trading.
By the close, the Dow Jones Industrial Average was down 205 points to finish the day at 26,379. The S&P 500 was down 20 points to close at 3,218. Gold was up $21 to trade at $1,952 per ounce, while oil was down $40.92 per barrel WTI.
The Fed meeting starts tomorrow, but all eyes will be on the shaming/ testimony of the big growth tech companies including Tim Cook of Apple, Jeff Bezos of Amazon, Mark Zuckerberg of Facebook and Sundar Pichai of Google before the House Judiciary committee. That should be interesting. Stay tuned.
Have a nice evening everyone.