Today was a day like so many that we have already seen this year…the NASDAQ hitting its 26th record high with a gain of 44 points up to 6091. The upside heroes were the same ones that have been leading the charge for quite a while now: AAPL ahead of its report tomorrow night, AMZN, FB ahead of its report on Wednesday night, NFLX, TSLA at a new high ahead of its report on Wednesday night as well, PCLN and GOOG.
The DOW finished 27 points lower today with declines in BA, HD, 3M, and IBM. The S&P 500 fell 4 points today.
Congress passed a funding measure that keeps the government going until October 1st…so this takes away the potential drama from the proceedings.
Breadth numbers were positive at a 17/12 upside ratio. The VIX dropped 6% to 10.11 today. The 10-Year Treasury Note was up to 2.32%, the dollar idled, and gold sold off to end at $1,257 an ounce on weaker inflation numbers.
Donald M. Selkin
These are excerpts from Don Selkin’s Daily Market Notes, abbreviated and updated with permission from the author. Don Selkin is the Chief Market Strategist at Newbridge Securities Corporation, member FINRA/SIPC and provides the Fair Value analysis for CNBC each morning. The commentary provided in this Market Letter is intended to provide timely market analysis and should not be considered a research report. This Market Letter may contain, and is limited to: Discussions of broad based indices; Commentaries on economic, political or market conditions; Technical analyses concerning the demand and supply for a sector, index or industry based in trading volume and price; Statistical summaries of multiple companies’ financial data, including listings of current ratings; and, Recommendations regarding increasing or decreasing holdings in particular industries or securities. This Market Letter does not make a financial or investment recommendation or otherwise promotes a product or service of the firm. This Market Letter contains only news, facts, and commentary on information previously reported from a news source believed to be accurate and reliable by the author. These news sources include the following: Bloomberg Financial, Reuters, and the Associated Press.