Friends

Stocks were able to erase some of yesterday's losses as stellar earnings from Microsoft helped revive the tech trade for a day. The chip stocks soared after having been skewered over the past several weeks. But it has been a stock pickers market because tech giant Meta saw its shares tumble after its earnings release after the close yesterday. But for the most part, corporate earnings continue to be good. We will see what Apple and Amazon have to say after the close today.

On the economic front, 2^nd quarter GDP came in at 1.5% which was slower than the 1.8% expected, and the PCE inflation number came in at 3.3% which is still much higher than the Fed’s target. The bond market was quiet today which was a pleasant change from recent sessions.

By the close the Dow Jones Industrial Average was up 615 points to finish the day at 52,209. The S&P 500 was up 121 points to close at 7,437. The Nasdaq Composite Index was up 679 points to close at 25,122. Gold was up $75 to trade at $4,172 per ounce, while oil was down $.92 to trade at $83.54 per barrel WTI.

I would expect that the reports from Apple and Amazon this afternoon will set the tone for tomorrow’s trading session. Let’s see how the week finishes up.

Have a nice evening everyone.

Jim