U.S. markets showed strength throughout Tuesday’s session to close higher as the start of the FOMC meeting begins. Federal Reserve Chairman Jerome Powell will preside over his first official Federal Open Market Committee meeting with a sixth rate hike by the FOMC since it started to normalize rates in December 2015 widely expected.
The Dow gained 0.5% after testing a high at 24,803 to close back above its 100-day moving average. The Nasdaq added 0.3% after trading up to 7,380 intraday while failing near-term resistance at the 7,400 level.
The S&P 500 climbed 0.2% after making a run to 2,724 but remains trapped between its 50/100-day moving averages. The Russell 2000 slipped less than a quarter-point, or 0.01% after trading down to 1,566 but remains above 50-day moving average.
Universal Display (OLED) upgraded to Buy from Hold at Gabelli
Roku (ROKU) upgraded to Perform from Underperform at Oppenheimer
Arena Pharmaceuticals (ARNA) upgraded to Buy from Hold at Needham
Huntsman (HUN) downgraded to Neutral from Buy at Nomura Instinet
Signet Jewelers (SIG) downgraded to Neutral from Buy at BofA/Merrill
Dominion (D) downgraded to Neutral from Buy at BofA/Merrill
Tuesday's scheduled earnings include:
Before the open: Affimed (AFMD), Children’s Place (PLCE), Duluth Holdings (DLTH), Elbit Systems (ESLT), LexinFintech Holdings (LX)
After the close: AAR (AIR), DXP Enterprises (DXPE), FedEx (FDX), Laureate Education (LAUR), Steelcase (SCS), UQM Technologies (UQM)
Wednesday's economic reports (EST):
MBA Mortgage Applications - 7:00am
Current Account - 8:30am
Existing Home Sales - 10:00am
FOMC Meeting Announcement - 2:00pm
Gold closed at $1,311.90 an ounce, down $5.90
Silver settled at $16.18 an ounce, down $0.15
Copper finished at $3.03 a pound, down $0.05
Crude Oil closed at $63.42 a barrel, up $1.26
Bitcoin Investment Trust (GBTC) settled at $14.60 up $1.00
Make it a great day!