Friends

Stocks tried to rebound from Friday’s selloff but other than the Nasdaq the attempt was somewhat feeble. Apple’s developer day appears to be a bit disappointing, but it just looks like market participants are a bit tentative at the moment. On Friday, SpaceX is going to suck all the air out of the room (and maybe some money out the market), and then next week we will get Fed Chair’s Kevin Warsh’s first FOMC meeting. Any hope for lower interest rates this year has pretty much dissipated and now investors are concerned that rate hikes may be in order given inflation concerns and last Friday’s jobs number surprise.

As for today, by the close the Dow Jones Industrial Average was down 80 points to finish the day at 50,786. The S&P 500 was up 21 points to close at 7,405. The Nasdaq Composite Index was up 220 points to close at 25,929. Gold was down $16 to trade at $4,384 per ounce, while oil was up $.75 to trade at $91.29 per barrel WTI.

I will have more to say about the aforementioned SpaceX later this week, but for the moment let’s see if the bulls can right the ship, or will the bears be able to make something out of late last week’s downturn. Stay tuned.

Have a nice evening everyone. 

Jim