Friends

While the President and Elon Musk duke it out on social media (who could’ve seen this coming?) stocks gave up early gains and drifted lower into the close. Tomorrow’s jobs report is the big economic data point for the week. Today’s war of words between The President and Musk was only important to Tesla holders (the shares were down 14% for the day).

As for the market averages, by the close the Dow Jones Industrial Average was down 108 points to finish the day at 42,319. The S&P 500 was down 31 points to close at 5,939. The Nasdaq Composite Index was down 162 points to close at 19,298. Gold was down $18 to trade at $3,380 per ounce, while oil was up $.49 to trade at $63.34 per barrel WTI.

Expectations are that about 130,000 new jobs were created in May. Let’s see what the number is and how the markets react tomorrow. Stay tuned.

Have a nice evening everyone.