The Dow Jones Industrial Average was up 38.46 points on the day

Highlights:

Market Recap: The Dow Jones Industrial Average was up 38.46 points on the day. The S&P 500 finished up 0.30% as the Fed dropped "patient" from its statement and prepared the way for a July rate cut. The VIX was crushed, finishing down over -5%. The US dollar dropped, as did interest rates. The dollar was down -0.59% and the benchmark 10-year Treasury note yield fell 3 basis points.

Volatility: The VIX broke down below its most recent support level and fell to below 15. The move came after the Fed announced a more accommodative stance. Is it enough to push the VIX back into a lower volatility regime?

U.S. Dollar: The U.S. dollar fell -0.59% yesterday on a dovish Federal Reserve. However, the dollar has remained above the 200 day moving average and is still in a positive trend. A break down in the dollar from here could mean a pick up in inflation expectations and precious metals performance.

Gold: Gold was essentially flat yesterday, despite the weak dollar and dovish Federal Reserve. We wonder if gold will play catch up in the coming days. A breakout above 1350-1370 would imply significant upside in the barbaric relic from a technical standpoint. The measured move could target prices as high as $1540 per ounce.

Small Caps: Small caps didn't seem to respond to the dovish Fed in a way that would inspire any optimism as to a future uptick in domestic economic growth. Maybe the Fed is a little too late?

Utilities: Utilities liked the dovish Fed and the probability of a rate cut in the near future. The sector hit a new high today and was the top performing broad economic sector in the S&P 500 today. Utilities remain in a strong positive trend and are one of the top performing sectors and strongest from a relative strength perspective.

Futures Summary:

News from Bloomberg:

Tensions in the Middle East escalated after Iran shot down a U.S. drone over the Strait of Hormuz. It said its airspace is a "red line" and condemned the encroachment by America. A U.S. official told Fox News the drone was flying in international territory. The incident follows a missile strike by Iranian-backed Yemeni rebels in Saudi Arabia. Here's a guide to why the U.S.-Iran conflict is coming to a head.

Global stocks, bonds and commodities rallied, with gold climbing to the highest level in more than five years as the Fed's dovish shift reverberated through markets. Nasdaq futures led gains for U.S. contracts as technology companies outperformed in Europe. Emerging-market assets surged, and credit spreads slid. Oil rose above $55 a barrel. The dollar sank against major peers.

The 10-year Treasury yield fell below 2% for the first time since November 2016. Japan's benchmark yield declined, while Australian and New Zealand's hit new record lows. The U.S. 2-year/30-year rates curve is screaming that a recession is coming, Bloomberg strategist Mark Cudmore said.

Slack wants to avoid volatility in its debut today via direct listing. The reference price was set at $26 a share, providing a starting point for trading on the NYSE. It may take a while to ensure pricing and trading volumes are at levels that everyone is comfortable with. During Spotify's direct listing, it took more than three hours to start trading. And with no lock-up period, investors may be jittery. Check out our explainer on what a direct listing is.

Justin Trudeau plans to take up trade disputes with President Trump today and will also meet with congressional leaders on the proposed U.S.-Canada-Mexico trade pact. Trudeau will make the case against potential U.S. tariffs or quotas on uranium and levies on softwood lumber, Canadian officials said.