Today was all about the Fed.

Stocks traded in a narrow range until 2pm ET when the Fed Statement was released.

And as expected, the Fed cut rates a quarter point. Seven members voted for a cut, while one member wanted a bigger cut, and two members wanted to keep rates the same.

Initially, stocks dropped on the news.

But after selling off, the major indices rallied and finished at highs of the day…high enough to put the S&P and DOW in positive territory but for the NASDAQ to fall short.

Here’s where the major indices ended the day:

  • The S&P finished flat. Up just a point, the S&P ended at 3,007.
  • The DOW ended higher by 0.1%. Adding 36 points, the DOW closed at 27,147.
  • The NASDAQ was down 0.1%. With a 32 point gain, the NASDAQ finished at 8,186.

Crude Oil (CL) retreated for the 2nd day in a row. With a 2.1% loss, CL ended at $57.91 a barrel.

As some would expect, President Trump was quick to offer his thoughts on the Fed’s decision. Trump tweeted “Jay Powell and the Federal Reserve Fail Again. No “guts,” no sense, no vision!”

The President has high hopes for the Fed, hoping they will drop rates and even consider “negative” interest rates like some countries. But Fed Chair Powell has made it clear that the Fed is unlikely to resort to negative rates, instead relying on bond purchases like they did during the financial crisis.

FedEx (FDX) was hammered today, suffering a 12.9% loss after an earnings miss and lowering future guidance. FedEx blamed the miss on weakening global demand and the impact of the trade war.

And Adobe Systems (ADBE) lost 1.8% after better than expected earnings, but weaker than expected revenue.

Trading Futures, options on futures and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. The lower the day trade margin, the higher the leverage and riskier the trade. Leverage can work for you as well as against you; it magnifies gains as well as losses. Past performance is not necessarily indicative of future results.

Analysis feed

Latest Forex Analysis

Editors’ Picks

EUR/USD at daily lows, dragged by Sterling

Turmoil around Brexit and the absence of any other relevant catalyst weighs on the common currency, EUR/USD battling with 1.1120.


GBP/USD loses 1.2900 as Parliament says “NO”

The UK Parliament has rejected PM Johnson’s time table, lifting odds of an upcoming election in the kingdom. Volatile trading ahead of more clarity as the drama continues.


USD/JPY holds steady above mid-108.00s

The USD/JPY pair failed to capitalize on the early uptick to multi-day tops and is currently placed at the lower end of its daily trading range, just above mid-108.00s.


Top 3 price prediction BTC, ETH, XRP: CFTC takes a surprisingly bold step to move cryptos forward

The CFTC is open to Ethereum futures without anyone picking-up the ball. XRP is currently the only bullish option currently in the Top Three. Current volatility levels have last been seen in May.

Read more

Gold erases daily gains, eyes $1480

Gold failed to hold to gains and pulled back, approaching again the $1480 area. Earlier today the ounce rose to $1488 and as of writing trades at $1483, flat for the day but now with a bearish intraday bias.

Gold News

Forex Majors