Friends

It was a pretty much sell everything type of day for the markets. After a nice positive opening, stocks gave up early gains and plunged decisively into negative territory. Gold and crypto also fell, signaling a risk off day for most all asset classes (bonds did rally as interest rates fell.)

By the close, the Dow Jones Industrial Average was down 669 points to finish the day at 49,451. The S&P 500 was down 108 points to close at 6,832. The Nasdaq Composite Index was down 469 points to close at 22,597. Gold was down $160 to trade at $4,937 per ounce, while oil was down $1.79 to trade at $62.84 per barrel WTI.

After AI provided the narrative for a couple of years of growth stock rallies, we are now seeing some doubt enter the minds of market participants. Let’s see how the week finishes out tomorrow.

Have a nice evening everyone.