Markus Heitkoetter
Rockwell Trading
Well that was boring.
All eyes were on the Fed and their decision on interest rates this week.
But after cutting rates a quarter point yesterday (as expected) stocks have gone nowhere.
The major indices were lower in overnight trading. But stocks rallied into the open and kicked the day off with gains.
Stocks continued their rally throughout the morning. Then after making highs around lunch, a slow steady pullback erased most of the day’s gains.
The S&P came within 6 points of its record high today before finishing right at yesterday’s close. And at one point, the DOW was up 100 points before pulling back.
After four full days of trading and a Fed decision, the S&P has really gone nowhere. The index is down less than a point since its close on Friday.
Here’s where the major indices ended the day:
- The S&P finished flat for the 2nd day in a row.
- The DOW ended lower by 0.2%. Dropping 52 points, the DOW closed at 27,095.
- The NASDAQ was up 0.1%. With a 5 point gain, the NASDAQ finished at 8,183.
Crude Oil (CL) was higher today, after back-to-back losing sessions. With a 1.1% gain, CL ended at $58.53 a barrel.
And Microsoft (MSFT) rallied to a new record after announcing a $40 billion stock buyback plan and an increased dividend. With a 1.8% gain Microsoft is worth close to $1.1 trillion, the largest company in the U.S.
U.S. Steel (X) lost 11.2% after an earnings miss. The company issued a profit warning because of weakening European conditions.
And in IPO news, Airbnb announced that it is going public next year.
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.
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Editors’ Picks
AUD/USD remained bid above 0.6500
AUD/USD extended further its bullish performance, advancing for the fourth session in a row on Thursday, although a sustainable breakout of the key 200-day SMA at 0.6526 still remain elusive.
EUR/USD faces a minor resistance near at 1.0750
EUR/USD quickly left behind Wednesday’s small downtick and resumed its uptrend north of 1.0700 the figure, always on the back of the persistent sell-off in the US Dollar ahead of key PCE data on Friday.
Gold holds around $2,330 after dismal US data
Gold fell below $2,320 in the early American session as US yields shot higher after the data showed a significant increase in the US GDP price deflator in Q1. With safe-haven flows dominating the markets, however, XAU/USD reversed its direction and rose above $2,340.
Bitcoin price continues to get rejected from $65K resistance as SEC delays decision on spot BTC ETF options
Bitcoin (BTC) price has markets in disarray, provoking a broader market crash as it slumped to the $62,000 range on Thursday. Meanwhile, reverberations from spot BTC exchange-traded funds (ETFs) continue to influence the market.
US economy: slower growth with stronger inflation
The dollar strengthened, and stocks fell after statistical data from the US. The focus was on the preliminary estimate of GDP for the first quarter. Annualised quarterly growth came in at just 1.6%, down from the 2.5% and 3.4% previously forecast.