That last couple of trading days reminds us why we are remaining cautious at the moment. We’ve talked about the coming ebbs and flows and about being hopeful but realistic. Earnings after the close yesterday from Apple and Amazon were fine, but Amazon shares in particular had really climbed over the past couple of weeks. A selloff of those shares was not a surprise. During earnings season we are always trying to ascertain if share prices accurately reflect the current conditions of the company. What Amazon does well, was pretty much priced into their shares into earnings.
As for today, by the close the Dow Jones Industrial Average was down 622 points to finish the day at 23,723. The S&P 500 was down 81 points to close at 2,830. Gold was up $16 to trade at $1,710 per ounce, while oil was up $.95 to trade at $19.79 per barrel WTI.
So, it wasn’t such a great start to the month of May. We see States around the country begin to open things back up, but there appears to be lot of nervousness as to how all this is going to play out. Will there be new spikes in COVID-19? We have a ‘Long and Winding Road” ahead. We’ll just “Let It Be” for the weekend and get back at it next week.
Have a great weekend everyone.