The bulls finally ran out of gas. Despite good earnings reports from the likes of Microsoft and Tesla, a downgrade of the shares of Apple by Goldman Sachs seemed to set the tone early, and stocks in general came under selling pressure later in today’s trading session. The staples and more defensive names again fared better than the darling growth names.
By the close, the Dow Jones Industrial Average was down 353 points to finish the day at 26,652. The S&P 500 was down 40 points to close at 3,235. Gold was up $20 to trade at $1,885 per ounce, while oil was down $.70 to trade at $41.20 per barrel WTI.
As mentioned the large cap tech darlings came under selling pressure today, but remember that they have carried the water for the market averages since the March lows. If they do break down more from here, can the market find someone else to pick up the slack? That is going to be the big question to watch unfold. Let’s see how the week finishes out tomorrow.
Have a nice evening everyone.