Friends

It has been a difficult week for the Nasdaq as big tech names have come under heavy selling pressure. Micron Technology whose shares have traded like a meme stock lately will release earnings after the close today. That will likely set the tone for tomorrow’s trading action. Oil prices continue to decline which is a tailwind for the markets but of course, energy names see their shares decline also. Gold and Silver continue to tumble with gold now down $1300 from its high and silver more than cut in half from its high earlier in the year. When you include Crypto’s demise it has been a tough run for “other” assets lately.

As for the market averages, the Dow Jones Industrial Average was up 182 points to close at 51,848. The S&P 500 was down 7 points to finish the day at 7,358. The Nasdaq Composite Index was down 110 points to close at 25,476. The aforementioned Gold was down $150 to trade at $3,999 per ounce, while oil was down $3.16 to trade at $70.05 per barrel WTI.

In the meantime, stocks continue to show resilience despite this week’s weakness in the Nasdaq. Let’s see if the bulls can hang on until quarter end.

Have a nice evening everyone.

Jim