Ah yes, the market wrap. I’m not sure I remember how to do these - it’s been a while…
The market hung in there today, preserving most of the gains that have come in the past couple of weeks. A little pause/pullback here would be quite healthy actually, so there wasn’t anything wrong with today’s action. The Dow Industrials fell 21 points (-0.2%) to 10472, the S&P 500 dropped 2 points (-0.2%) to 1189 and the Nasdaq outperformed the other indices (as it has been doing of late) by gaining 4 points (+0.2%) to 2046. The Russell 2000 fell 1 point to 609, the Dow Transports were unchanged, the Dow Utilities were higher by 0.1% and bonds were relatively steady, holding the 10-year Treasury yield around 4.12%.
Volume was quite light on this go-nowhere day, and market internals were mixed. On the NYSE, both advances/declines and up/down volume ran about 4/5, while on the Nasdaq, advances/declines came in at 14/15, but up/down volume was positive at 9/5. New highs/lows were 63/22 on the NYSE and 57/43 on the Nasdaq. The character of the market has stabilized quite a bit while I was away.
Not much real movement in the industry groups today, with some tech stocks - semiconductors (+1.2%) and networking (+1.1%) - moving higher, and gold & silver stocks (-1.2%) moving lower.
Crude oil prices fell slightly, holding below $47 at $46.80/barrel. The dollar’s rise continued, with the dollar index moving up 0.6% and gold prices fell back to around $418/ounce.