Friends

The Dow gained while the S&P and the Nasdaq took a breather today. The Fed began their FOMC meeting with new Fed Chair Kevin Warsh, while world leaders gathered in France for the G7 Summit. Again, it’s good to see things slow down a little bit in some of the wilder areas of the market. Slow and deliberate isn’t the way these days, but it’s still what I prefer.

By the close, the Dow Jones Industrial Average was up 328 points to finish the day at 51,999. The S&P 500 was down 42 points to close at 7,511. The Nasdaq Composite Index was down 307 points to close at 26,376. Gold was up $6 to trade at $4,358 per ounce, while oil was down $3.75 to trade at $77 per barrel WTI.

The big drop in oil prices should be helpful towards the inflation front, which I’m sure was part of today’s discussion at the Fed meeting. We don’t expect the Fed to do anything drastic tomorrow, but it will be interesting to what direction Fed Chair Warsh is going to try to steer his committee. Stay tuned.

Have a nice evening everyone.

Jim