MARKET RECAP

• The NASDAQ managed a small gain, +0.34%, but the S&P 500 fell by 0.64%. The Dow was down by 1.82% and small caps fell by 2.58%.
• CPI increased by 2.7% year over year, so falling inflation has seemed to stall out. That put pressure on treasury yields; the 10-year increase was 4.4% from 4.15%.
• The overall market is performing poorly. According to Dow Jones Market Data, for 10 straight days, more stocks in the S&P 500 have gone down than have gone up.  This is the longest streak since 2000.
• Trump was named Man of the Year by Time Magazine and visited the NYSE to receive the honor. Since the election, Trump has seemed more stable and less bitter, and his visit to the NYSE struck all the right chords and was pretty impressive. Trump emphasized his commitment to fostering a strong economy, promising substantial tax cuts and incentives for domestic manufacturing. He proposed reducing the corporate tax rate from 21% to 15% for companies that produce goods in the U.S. He also highlighted his administration’s focus on increasing oil production to help control inflation and reduce grocery prices. However, there could be the possibility that it might have been one of those high profile that marked the top!

SCOREBOARD