Wednesday's Market Recap - FOMC Leaves Interest Rates At Existing Levels. Markets Loved It.
What is The Premarket Telling Us?
9:15 AM.
Fifteen minutes before the opening bell US stock futures were most flat to slightly higher. Dow futures up 10 points, Nasdaq futures, up 9.50 points, S&P futures were neutral. All eyes will be on the Federal Reserve today.
On The Bond Desk:
The US 10 Year Bond Yield 2.06%, down 0.03%.
Currency Desk:
Euro dollar: 1.12
UK Pound: 1.25
Crude Oil:
WTI crude oil futures at $53.82/barrel, down 0.15%.
On the Earnings Calendar:
None.
In M&A News:
None.
What About The Asian And European Markets?
Major Asian markets were solidly higher. Japan (Nikkei 225) gained 1.72%, Shanghai rose 0.96%, Hong Kong (Hang Seng) surged 2.56%.
Major European markets traded mostly lower in their session. German (DAX) fell 0.19%, France CAC 40 up 0.19%, London FTSE 100 down 0.53%.
Market And Sector Dynamics
Stocks opened modestly positive, with the Dow up 38 points, Nasdaq up 17 points, and S&P up 3 points. WTI crude oil down 0.93%, at $53.43/barrel. Financial and Technology are moving higher early. Stock remained higher for the entire morning session, the Dow climbing to a high of 70 points.
Stocks trended lower, early in the afternoon session, ahead of the FOMC interest rate decision to keep rates unchanged at around 2:00 PM. Once the decision was announced, stocks rallied, back to the day's high, as investors demonstrated their approval of that decision.
Markets pulled back later in the afternoon session, but managed to hold on to most of the day's gains.
Seven of the eleven S&P sectors closed the day with gains, led by Healthcare, Utilities, Real Estate, Technology, Consumer Staples, and Consumer Discretionary. Basic Materials, and Energy were the lagging sectors in today's session.
Factors Influencing Today's Market
The Fed/FOMC left interest rate unchanged after their meeting today.
This week's EIA Petroleum Status Report shows crude oil inventory fell 3.1 million barrels, to 482.4 million barrels.
WTI crude oil price closed at $54.66/barre, up 1.41%.
Major Asian markets were higher today, while European stocks were mostly lower.
Market Close Volume Traded And Advance Decline Ratio
At the end of today's session, the Dow gained 38.46 points, Nasdaq gained 33.44 points, and S&P gained 8.71 points. Total NYSE volume traded, a moderate 3.29 billion shares. Advancing shares outpaced Declining shares 1.51:1
Data Sources: Bloomberg, CNBC, CNN Money, Google Finance, Market Watch, TD Ameritrade, Yahoo Finance.
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