Seibert IIIĪt the time of this article’s writing, the author did not have positions in any of the companies mentioned.Baillie Gifford American (Class B) Accumulation | North Americaīaillie Gifford Managed (Class B) Accumulation | Mixed Investment 40-85% Sharesīaillie Gifford Positive Change Accumulation | Globalįidelity Index World (Class P) Accumulation | Globalįundsmith Equity (Class I) Accumulation | Global These include six Dow-30 components, headlined by the releases from Apple (AAPL), McDonald’s (MCD), Visa (V), and Chevron (CVX). Likewise, the earnings calendar is full, with several hundred companies reporting quarterly results over the coming days. Then, on Friday, we will get data on personal income and spending and the final reading from the University of Michigan on consumer sentiment. These include initial jobless claims and durable goods orders tomorrow. Looking ahead, several economic reports will be released in the coming days. The VIX Volatility Index rose, reaching levels not seen since early last year, suggesting that traders are paying a premium for options protection against their positions. This combination is usually negative for financial companies’ earnings, which borrow short and lend long. Treasury bonds were a mixed bag, as short-term rates rose while long-term yields fell. In commodity news, oil prices rose yesterday as traders predicted that international tensions in Ukraine could further global supply-demand imbalances should Russia cut supply to Europe. On the other hand, technology issues were again among the worst performers. Energy stocks were among the best performers, aided by strong price performance in the related commodities. Market breadth was somewhat negative yesterday, as decliners outpaced advancers by a 1.4-to-1.0 ratio. (EST), should provide more clarity on how the Fed is thinking about monetary policy and if Wall Street’s assumptions are plausible. Today’s press conference, which will follow the release of the Fed statement at 2:00 P.M. The consensus is that the first rate hike will be in March, and the betting odds are almost 70% that the central bank will implement three or more interest rate hikes this calendar year. Though traders do not think that an interest-rate hike is immediately likely, they will be on the lookout for any insight they can glean about the Fed’s future plans. Federal Reserve later today as it announces the results of its Federal Open Market Committee meeting. The S&P 500 fell 54 points, the Dow Jones Industrial Average declined 67 points, and the NASDAQ Composite was off 316 pointsĪll eyes will be on the U.S. Still, at the close, all three major indices were in negative territory. Yesterday was another volatile showing for stocks, with the major averages again bouncing off session lows.
This trend continued throughout the morning hours, buoyed by the Microsoft report and several positive earnings reports today, suggesting a strong start to the trading session. Dow-component Microsoft (MSFT) initially fell in the aftermarket hours after reporting second-quarter results, but the stock reversed course after Wall Street digested the figures and pulled the futures up with it. After a weak trading session yesterday, the futures market started unevenly, hovering around the neutral line.
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