Friends

It was like the good old days. The big tech names-Apple, Microsoft, Amazon, Meta, and Alphabet all had good days while the big chip makers (Micron, Lam, Intel, and AMD) all were sold. On the inflation front, New York Fed President John Williams in a speech indicated that we may have seen a peak in inflation, and we might see improvement in coming quarters. The markets liked those comments.

By the close, the Dow Jones Industrial Average was up 150 points to finish the day at 52,658. The S&P 500 was up 28 points to close at 7,572. The Nasdaq Composite Index was up 162 points to close at 26,269. Gold was down $10 to trade at $4,058 per ounce, while oil was up $1.01 to trade at $80.35 per barrel WTI.

We’ll see if the big tech names are back in vogue or was it simply a one day affair? In the meantime, we’ll continue to monitor corporate earnings.

Have a nice evening everyone.

Jim