Friends

Concerns over tensions with Iran growing once again, a 4.2% inflation number, and continued selling of liquid shares to raise money to buy SpaceX all contributed to a very bad day for stocks. The President is threatening action tonight while today’s inflation reading continues to tie the hands of incoming Fed Chair Warsh. That’s a lot of headwinds for market participants to grapple with.

For the day, the Dow Jones Industrial Average was down 953 points to close at 49,918. The S&P 500 was down 119 points to finish the day at 7,266. The Nasdaq Composite Index was down 509 points to close at 25,169. Gold was down $173 to trade at $4,113 per ounce, while oil was up $2.32 to trade at $90.52 per barrel WTI.

After the close, tech giant Oracle will release earnings. But what might happen overnight with regards to Iran is likely to set the tone tomorrow. There’s a lot on our plate at the moment. We’ll let you know how things unfold tomorrow. Stay tuned.

Have a nice evening everyone.

Jim