Friends

Despite all the hand wringing by the likes of yours truly, stocks continue to remain resilient. As a matter of fact, the Nasdaq hit an all-time high today. Yes, we have had headwinds like higher oil prices, inflation, and higher interest rates, but the bulls have been able to defend the high ground with amazing determination.

As for today, by the close the Dow Jones Industrial Average was down 185 points to finish the day at 51,863. The S&P 500 was up a fraction to close at 7,764. The aforementioned Nasdaq Composite Index was up 122 points to close at 27,244. Gold was up $23 to trade at $4,407 per ounce, while oil was down $.57 to trade at $95.21 per barrel WTI.

For much of the year the narrative in the stock market was the broadening of the move higher was necessary and we had that with industrials, healthcare, and banks leading the way. But here we are back to technology and the AI trade. Once again, the big tech growth companies and chip makers are leading the way, especially in the Nasdaq. Let’s see if this is lasting or just a quick detour on what was the broadening rally.

Have a nice evening everyone.

Jim