Quiet markets, loud politics
Wednesday was reasonably quiet in the markets as we continue to trudge through the largest earnings week of the year. 238 companies are reporting earnings today (Wednesday, July 24). That said, both the Nasdaq and the S&P hit new highs. Tech is leading the rally as better-than-expected earnings garner gains for companies like Texas Instruments and AT&T. At the close, the S&P was up +.47%, closing at $3019.60. The Nasdaq climbed +.9% to $8,321.50, while the Dow was down -.29%. All S&P sectors are up today except for Consumer Staples, Materials, and Real Estate.
Further inland in Washington D.C. Robert Mueller testified in front of the House of Representatives about his investigation into the 2016 election.
A few key takeaways:
– Trump was furious and on edge, tweeting 8 times in 2 hours bashing the event
– Mueller did not cover anything new, only reaffirming statements made public in the report. He did not answer 198 questions, leaving a hole where clarity might have been given.
– Mueller clarified the position of the special counsel on Trump’s criminality: “We did not reach a determination as to whether the President committed a crime.” There was no decision made as to whether or not to indict President Trump.