Friends

Stocks slumped a bit today as oil prices moved higher as did bond yields. Market participants are keeping an eye on what is going to happen with the Strait of Hormuz, although it’s impossible to say when that might be resolved. On the economic front we will get a look at consumer inflation with Wednesday’s CPI release. That will likely set the tone for the bond market for the week.

As for today, by the close the Dow Jones Industrial Average was down 61 points to finish the day at 53,975. The S&P 500 was down 4 points to close at 7,753. The Nasdaq Composite Index was down 85 points to close at 26,605. Gold was up $53 to trade at $4,452 per ounce, while the aforementioned oil was up $3.89 to trade at $82.07 per barrel WTI.

With earnings mostly behind us I would expect investors to focus on this Wednesday’s inflation data. We’ll let you know how the week plays out.

Have a nice evening everyone.

Jim