Fed Stands Pat on Interest Rates


U.S. markets were weak throughout much of Wednesday’s session as Wall Street awaited the afternoon Fed update on interest rates and digested the latest tariff and trade news with China. President Trump indicated he would leave tariffs on China for a substantial period of time to make sure that if a deal with China was made, that China lives by the deal.

The major indexes rebounded and made a run into positive territory after the Fed left rates unchanged and signaled no hikes this year. The mixed finish was slightly encouraging for a possible return to higher highs with volatility at a neutral level.

The Russell 2000 stumbled 0.8% after trading to an intraday low of 1,535. Near-term and upper support at 1,535-1,520 held with a close below the latter and the 50-day moving average being a slightly bearish development.

The Dow dropped 0.6% following the midday pullback to 25,670. Fresh and upper support at 25,750-27,500 was breached and failed to hold by a nickel with a move below the latter signaling weakness.

The S&P 500 was lower by 0.3% following the back-test to 2,815. Upper support at 2,825-2,800 failed to hold by a point with a move below the latter being a slightly bearish signal.

The Nasdaq climbed 0.1% despite testing an intraday low of 7,674. Fresh and upper support at 7,675-7,625 was stretched but held with a move below 7,600 bearing caution.

Communication Services and Energy paced sector winners after rising 0.9%. Real Estate and Utilities gained 0.5% and 0.3%.

Financials led sector losers after tanking 2.1% while healthcare and Industrials dropped 0.7%.

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Cree (CREE) upgraded to Outperform from Market Perform at JMP Securities
Dollar Tree (DLTR) upgraded to Outperform from Market Perform at Telsey Advisory
Whiting Petroleum (WLL) upgraded to Overweight from Equalweight at Capital One
FedEx (FDX) downgraded to Neutral from Overweight at JPMorgan
Monster Beverage (MNST) downgraded to Neutral from Conviction Buy at Goldman Sachs
Rockwell Automation (ROK) downgraded to Neutral from Buy at UBS

Before the open (EST):
Actuant (ATU), Canadian Solar (CSIQ), Conagra Brands (CAG), Darden Restaurants (DRI), G-III Apparel Group (GIII), Lands’ End (LE), Superconductor Technology (SCON)

After the close(EST):
​Avedro (AVDR), Cintas (CTAS), Dynagas LNG Partners (DLNG), Intellicheck Mobilisa (IDN), Nike (NKE), One Stop Systems (OSS), RTW Retailwinds (RTW), Scholastic (SCHL), Widepoint (WYY)

Thursday’s economic reports (EST): 
Jobless Claims - 8:30am
Philadelphia Fed Business Outlook Survey - 8:30am
Leading Indicators - 10:00am
Quarterly Services Survey - 10:00am

Gold closed at $1,301.70 an ounce, down $4.80
Silver settled at $15.32 an ounce, down $0.05
Copper finished at $2.92 a pound, unchanged
Crude Oil was at $60.12 a barrel, up $1.09
Bitcoin Investment Trust (GBTC) ended at$4.92, down $0.07

  I hope this helps you prepare for the trading day. Make it a great one!

   Todd Mitchell

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