Somehow word got out that I was heading off on my first “vacation” in more than three years. Market participants began selling stocks at the open and things continued to deteriorate for the remainder of the trading session. Many of you know my record concerning the markets and vacations, but in reality, the markets today seemed to shift their focus from inflation to a challenged consumer and a slowing economy. Bonds actually rallied on the longer end of the yield curve while anything that was remotely dependent on the economy got sold. Much of this concern was triggered by the earnings problems of Walmart and Target over the past two days, both of whom’s shares were battered (TJ Maxx the discount retailer was the big winner today up more than 6%). The consumer, mainly at the lower end of the economic strata, are under siege from higher prices everywhere they turn. Many market pundits continue to search for a bottom in stock prices, but as we’ve mentioned this bear market might be as much or even more about time than price.
As for today, by the close the Dow Jones Industrial Average was down 1,164 points to finish the day at 31,490. The S&P 500 was down 165 points to close at 3,923. The Nasdaq Composite Index was down 566 to close at 11,418. Gold was down $4 to trade at $1,814 per ounce, while oil was down $3.05 to trade at $109.35 per barrel WTI.
As mentioned, I will be out of the office over the next week, but Scott, John and Hunter are available should you need anything. I will be watching and will likely weigh in on the markets along the way, but either way you’ll still get a daily update on the markets. We’ll let you know how the week plays out.
Have a nice evening everyone.