In Today's Update:
1) Another volatile session ends with stocks closing mostly lower on Friday after rumors of a potential trade deal with China are declared false. The Dow Jones Industrial Average dropped 109.91 or 0.43%, the S&P 500 fell 17.31 or 0.63% while the Nasdaq 100 closed lower by 77.06 or 1.04% and the Russell 2000 finished higher by 3.00 or 0.19%. The Bond market was under pressure again Friday after a very strong employment report resulting in a lift for the yield on the 10-year treasury note which closed at 3.214%.
2) Crude Oil Futures dropped 1.30% on Friday and were down 6.60% this week while Gold Futures closed lower by $4.00 or 0.32% due mostly to strength in the U.S. dollar.
3) Expect Market volatility to continue and possibly increase this week as we head into the midterm elections. It is also likely that this period of increased volatility continues well past the elections because rates continue to rise, the U.S. dollar continues to show strength, and there is still no trade deal in sight with China.