The Dow opened the day higher but gradually slipped into the red and finished with a 3 point loss at 32,420. Trading volume was higher. Tech stocks struggled and the NASDAQ finished lower by 2%. Oil went back over $60 per barrel and yields on the 10 year Treasury fell slightly to 1.61%. Oil was up due to a ship that got stuck in the Suez Canal and could block traffic for a few days. Sounds like the freeways in Seattle.
Airline executives are expressing optimism over improving trends in air travel. The number of US passengers screened by TSA topped 1.5 million last Sunday for the first time since March of 2020. While daily screenings are slowly rising they are still down 30% from pre pandemic levels. International travel remains weak and is still off 68% from normal levels. United Airlines CEO Scott “Mr. Scott” Kirby spoke of improving finances and expects his company to halt its cash burn this month which will make United the first major airline to hit that milestone.
Shares of Intel bolted higher over night after the company said it was investing $20 billion in two new chip plants in Arizona. The plan is to begin construction this year. In a strategic shift, Intel also said it will act as a manufacturing partner for chip companies that focus on design but do not have the capacity to actually make the chips. Gurus liked the news but the stock’s initial move higher was not sustainable and shares pulled back along with the rest of the tech space.
John and Bill are both back at studying for the CFP exam and take time each Wednesday while Cleo watches the phones. Also if you have questions about the new Washington State Long Term Care Trust Act and its potential tax implications please reach out to us for information.