Friends

Stocks got off to a nice start this morning, but as the trading session wore on the market averages continued to give up some of the gains. Again, a handful of stocks were the early winners led by Nvidia and Microsoft, but there wasn’t a whole lot of participation from many of the stocks that continue to be left behind.

By the close, the Dow Jones Industrial Average was down 25 points to finish the day at 42,706. The S&P 500 was up 32 points to close at 5,975. The Nasdaq Composite Index was up 243 points to close at 19,864. Gold was down $10 to trade at $2,644 per ounce, while oil was down $.56 to trade at $73.40 per barrel WTI.

All eyes are still on the bond market where we continue to see the yields on the longer end of the curve inch higher. It’s been some years, but we finally have a somewhat normal yield curve. Unfortunately, market participants are skeptical that stocks can endure yields moving higher from here. We will see.

Have a nice evening everyone.

Jim