U.S. markets traded in a tight range throughout much of Wednesday’s session, but showed some strength ahead of the Fed’s decision on interest rates. There was not a major reaction after the Fed confirmed another quarter-point hike although the major indexes traded to session lows into the close on the news.
Fresh all-time highs remain in play as the pullback was contained with near-term support holding and the major indexes closing lower for the session.
Volatility was slightly elevated into the closing bell but held key levels of resistance.
The Nasdaq was off 0.1% despite testing an intraday record high of 7,748 but was unable to hold 7,700 after closing below this level by 5 points.
The Russell 2000 fell for just the 2nd time in 9 sessions after giving back 0.3% and failing a fresh record high by 2 points.
The S&P 500 tested a weekly high of 2,791 but declined 0.4% after trading in a super tight 17-point range.
The Dow declined 0.5% despite showing first half strength and reaching a morning peak of 25,362 while holding major support at the 25,000 level on the pullback.
Barrick Gold (ABX) downgraded to Underweight from Equal Weight at Morgan Stanley
Buckeye Partners (BPL) downgraded to Neutral from Buy at UBS
SeaWorld (SEAS) downgraded to Sell from Neutral at Citi
Albemarle (ALB) upgraded to Buy from Hold at Vertical Research
Entravision (EVC) upgraded to Buy from Hold at Noble Financial
OMA Airports (OMAB) upgraded to Sector Perform from Underperform at Scotiabank
Thursday's earnings reports (EST):
Before the open: Fred’s (FRED), Michael’s Companies (MIK)
After the close: Adobe Systems (ADBE), Cherokee (CHKE), Finisar (FNSR), Jabil Circuit (JBL), Vince Holding (VNCE)
Thursday's economic reports (EST):
Jobless Claims - 8:30am
Retail Sales - 8:30am
Import and Export Prices - 8:30am
Bloomberg Consumer Comfort Index - 9:45am
Business Inventories -10:00am
Gold closed at $1301.30 an ounce, up $1.90
Silver settled at $16.99 an ounce, up $0.10
Copper finished at $3.25 a pound, unchanged
Crude Oil is at $65.86 a barrel, down $0.18
Bitcoin Investment Trust (GBTC) ended at $10.60 down $0.69
Make it a great day!
Fed Slows Market Momentum, For Now
Todd Mitchell is the CEO & Founder of Trading Concepts, Inc. He's been trading since 1994 and has mentored over 12,000 traders from Wall Street to Main Street. He's an expert at developing strategies for creating more consistent daily, weekly and monthly income.
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