Friends

Things started off pretty good for the bulls, but as the trading session wore on early gains mostly evaporated. The Dow was able to hold onto modest gains, but the S&P 500 and the Nasdaq both sunk into negative territory once again. We get a look at Apple’s earnings after the close, but with the mood that market participants are in I doubt that Apple can do anything to please them. Note-despite what happens to Apple this afternoon, I still like the shares longer term.

As for today, by the close the Dow Jones Industrial Average was up 213 points to finish the day at 51,983. The S&P 500 was down 38 points to close at 7,541. The Nasdaq Composite Index was down 272 points to close at 25,164. Gold was up $53 to trade at $3,952 per ounce, while oil was down $8.04 to trade at $96.08 per barrel WTI.

It has been a bloodbath in the tech/AI world with regards to earnings and share price reactions. Many stocks are firmly in bear market territory, down more than 20%. Were expectations too high or did the companies simply not deliver the results. It was probably a little of both. Buckle up, it’s likely to be a volatile week.

Have a nice evening everyone.

Jim