Today was a bit of a hangover in the markets after the record-breaking party yesterday. The influence of lower oil prices and the negative effects on energy stocks produced pain in the DOW today. AAPL returned to its downward direction just after its large jump yesterday. Seemingly unstoppable BA and CAT turned south on their prices, too. MCD gained today on a brokerage upgrade. The DOW lost 61 points today.

The S&P 500 index fared worse than the DOW on a percentage basis but not as much as the NASDAQ today. All the FANG stocks dipped today while TSLA popped back into the green. A large decline in CMG also hurt the NASDAQ today. The S&P 500 dropped 16 points by the closing bell and the NASDAQ shed 50 points.

Various Fed speakers have been sticking in their two cents after the decision to raise rates last week. The Chicago Fed President Charles Evans took a more moderate tone this morning when he said that a September hike might not happen and…perhaps they should go a little slower. Of course, with crude oil prices collapsing to 10-month lows at $43 a barrel, this makes their impending 2% inflation argument look empty and detached from reality.

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.