Friends

Well, I made it back. Things are about the same as when I left. The war with Iran is causing problems, corporate earnings are great, and the bond market is a concern. Today, we finally saw interest rates pause a little on their climb higher and stocks responded with the first good day for the bulls this week. After hitting 4.81% the 10-year note slipped back to a yield of 4.78%. Today’s modest private payroll number helped slow the sell off in bonds and it will be interesting to see if Friday’s non-farm payroll number can do the same.

As for today, by the close the Dow Jones Industrial Average was up 295 points to finish the day at 53,061. The S&P 500 was up 35 points to close at 7,666. The Nasdaq Composite Index was up 118 points to close at 26,217. Gold was up $37 to trade at $4,433 per ounce, while oil was up $.73 to trade at $90.95 per barrel WTI.

The war and rising oil prices are a headwind for stocks at the moment. That along with the weak bond market may be difficult for the bulls to deal with in the coming weeks. But the lifeblood of stocks are earnings, and so far great corporate earnings are keeping stocks from falling prey to oil and bonds. Friday’s job data should be a market mover for bonds. Stay tuned.

Have a nice evening everyone.

Jim