Fed Stays Steady

U.S. markets gave up its early gains as Wall Street awaited the Fed’s rate announcement at the conclusion of its two-day FOMC meeting. As expected, the Fed left interest rates unchanged with the market seeing some strength on the news. However, the selling pressure returned into the final hour of action with the major indexes finishing mixed for the session.

The Russell 2000 gained 0.3% after trading to a midday high of 1,565 while closing back above its 50-day moving average. The Nasdaq slipped 0.2% following a backtest to 7,094 while holding crucial support at the 7,000 level.

The S&P 500 fell 0.7% after testing a low of 2,631 while the Dow also declined 0.7% after trading down to 23,886. Both indexes remained trapped between their 50-day and 200-day moving averages.

Aetna (AET) upgraded to Overweight from Neutral at Cantor Fitzgerald
Freeport McMoRan (FCX) upgraded to Outperform from Neutral at CIBC
Shutterfly (SFLY) upgraded to Neutral from Sell at Goldman Sachs
Cummins (CMI) downgraded to Sell from Neutral at UBS
Match Group (MTCH) downgraded to In Line from Outperform at Evercore ISISnap (SNAP) downgraded to Sell from Hold at Summit Insights

Thursday’s Earnings:
Before the Open: Avon Products (AVP), Ball (BLL), Cardinal Health (CAH), DowDuPont (DWDP), Ferrari (RACE), Global Payments (GPN), HCP (HCP), Kellogg (K), Leidos Holdings (LDOS), Marriott Vacations (VAC), MSG Networks (MSGN), New York Times (NYT), Olympic Steel (ZEUS), Pinnacle Foods, Regeneron Pharmaceuticals (REGNWealth Strength IndexREGN is Extremely Down and trending Down), Sealed Air (SEE), Tower International (TOWR), Unit (UNT), Wex (WEX)

After the Close: Activision Blizzard (ATVIWealth Strength IndexATVI is Moderately Flat and trending Down), Black Hills (BKH), Cardtronics (CATM), CBS (CBS), Del Taco Restaurants (TACO), EOG Resources (EOG), Fluor (FLR), GoPro (GPRO), Herbalife (HLF), Live Nation Entertainment (LYV), Medifast (MED), Pandora Media (P), RealPage (RP), Shake Shack (SHAK), Viavi Solutions (VIAV), Wingstop (WING), Xerox (XRX)

Thursday’s economic reports (EST):
Challenge Job-Cut Report – 7:30am
Trade in Goods – 8:30am
Jobless Claims – 8:30am
Productivity and Costs – 8:30am
Bloomberg Consumer Comfort Index – 9:45am
PMI Services Index – 9:45am
Factory Orders – 10:00am
ISM Non-Manufacturing Index – 10:00am






Make it a great day!

Todd Mitchell