Friends

It was a bloodbath with regards to big tech and earnings. Microsoft had great earnings and the shares responded positively in afterhours trading yesterday, but the shares traded lower during today’s session. Google’s (Alphabet) earnings were a mess. They are spending tons of money and monetizing AI search from agents is becoming an issue. Others like Service Now also couldn’t please investors despite pretty good numbers. Industrial giant, Caterpillar also laid an egg. As we always say, it’s not the numbers it’s the reaction to the numbers that counts.

As for the overall market, by the close, the Dow Jones Industrial Average was down 132 points to finish the day at 52,342. The S&P 500 was down 23 points to close at 7,720. The Nasdaq Composite Index was down 365 points to close at 26,184. Gold was down $19.30 to trade at $4,032 per ounce, while oil was up $.02 to trade at $102.82 per barrel WTI.

Let’s see if Amazon can turn the tide today after the close. As expected, it has been an interesting week for stocks. Let’s see how the week finishes out tomorrow.

Have a nice evening everyone.

Jim