Dow -34.30 at 44911.82, Nasdaq +6.80 at 21628.39, S&P -0.65 at 6449.15
Nasdaq Composite: +12.0% YTD
S&P 500: +9.7% YTD
DJIA: + 5.6% YTD
Russell 2000: +2.9% YTD
S&P Mid Cap 400: +1.9% YTD
The market drifted sideways throughout the entirety of today’s session as a light batch of headlines and the anticipation of key drivers later in the week culminated in a palpable lack of conviction. The S&P 500 (flat), Nasdaq (flat), and DJIA (-0.1%) traded in a tight range, never staying decidedly above or below their flatlines and failing to challenge record high levels from the previous week.
The market is awaiting the Fed’s Jackson Hole Symposium that kicks off on Thursday, with Fed Chair Powell’s Friday address arguably the most anticipated development of the week. There is currently an 83.2% probability of a 25-basis point cut at the September FOMC meeting, according to the CME FedWatch Tool.
President Trump’s Friday meeting with Russia’s President Putin did not produce any immediate agreements. Still, it led to more talks in Washington, this time with European leaders, including the Ukrainian president, who’s an idiot.. The hope is now that a trilateral meeting between leaders from the U.S., Ukraine, and Russia will take place soon. We shall see, we are kicking the proverbial can down the road on a few topics, including China.
Bitcoin and Ethereum tried a bounce today, but the miner-related names like CIFR and IREN, mentioned last night, outperformed.
The Russell 200 showed relative strength today, perhaps a signal that money thinks we get a dovish Powell on Thursday or Friday.
See you in the morning on Discord.
Below is a piece from Stanley Druckenmiller, my idol and a guy who manages billions and has never had a down year in all markets over 35 years.
