Friends

It was another sloppy day for stocks. Iran concerns are sending oil prices higher again, and tomorrow's CPI report has investors a little on edge. On the positive side as earnings season wraps up, about 88% of the companies who have reported have beat earnings expectations. Analysts had expected a good year for corporate America, but earnings are now seen growing at about 32% for the year vs. the 15% analysts had estimated. And just for good measure, profit margins surged to almost 17% in the second quarter, which is the highest ever. We have spoken about how this bull market has been justified by earnings despite all the macro and political headwinds thrown at it.

As for today, by the close the Dow Jones Industrial Average was down 184 points to finish the day at 53,791. The S&P 500 was down 25 points to close at 7,728. The Nasdaq Composite Index was down 159 points to close at 26,445. Gold was up $7 to trade at $4,426, while the aforementioned oil was up $1.28 to trade at $83.41 per barrel WTI.

All right, inflation data tomorrow. Buckle up. The bond market is likely to lead stocks in one direction or another. Stay tuned.

Have a nice evening everyone.

Jim