Friends

It was not a good day for stocks and given the fact that we were due to cool off a bit anyway, the confusing tariff headlines provided a good reason to sell. Whether it was which country, what percentage, or when the tariffs will actually take effect, market participants decided to sell and try to figure it all out later. But, as I said, we were due for a bit of a pull back. And by the way that’s not a bad thing.

By the close, the Dow Jones Industrial Average was down 422 points to finish the day at 44,406. The S&P 500 was down 49 points to close at 6,229. The Nasdaq Composite Index was down 188 points to close at 20,412. Gold was up $7 to trade at $3,350 per ounce, while oil was up $1.02 to trade at $68.02 per barrel WTI.

Next up will be 2nd quarter earnings season. Over the coming weeks we will find out which stocks were appropriately priced coming into their earnings print. In general stocks are priced at a healthy multiple so expect a lot of volatility from day to day as some reports are met with favor by the investors and some are not. We’ll keep track of the winners and losers for you in the coming days and weeks.

Have a nice evening everyone.