Friends

It was a wide divergence of performance today with the Nasdaq and S&P 500 up nicely while the Dow was down. To be fair, the Dow was weighed down mainly by one stock – United Health which was down 20% and is still heavily weighted in the index of 30 stocks. Big tech names have been rallying a bit into earnings. We get Apple, Meta, Microsoft, and Tesla tomorrow after the close, and then Amazon and Google next week. I kind of liked when the stocks were quiet or down going into earnings. We’ll see how the shares react after the releases.

By the close, the Dow Jones Industrial Average was down 408 points to finish the day at 49,003. The S&P 500 was up 28 points to close at 6,978. The Nasdaq Composite Index was up 215 points to close at 23,817. Gold was up $58 to trade at $5,140 per ounce, while oil was up $1.70 to trade at $62.33 per barrel WTI.

Of course, we also have the Fed decision tomorrow. It’s almost assured that the Fed will stand pat tomorrow, but the fireworks are likely to come in the Fed Chair’s press conference. It should be a wild rest of the week. Buckle up and keep your hands and feet inside the ride at all times.

Have a nice evening everyone.