Friends
Despite descent numbers on housing, an extremely robust consumer confidence number, and more stable earnings reports (see P&G), stocks continue to trade cautiously before tomorrow’s Fed decision. Most every market participant roaming the street expects the FOMC meeting to conclude with a quarter of a point rate cut tomorrow, but what they say in the statement and how the Chairman handles the press conference will likely be the market mover. A one and done message, which is probably what the message should be, will likely not be sufficient for the bulls. They will be looking for verbiage indicating more easing is in the cards.
Anyway, while we wait, stocks traded most of the day in negative territory. By the close, the Dow Jones Industrial Average was down 23 points to finish the day at 27,198. The S&P 500 was down 7 points to close at 3,013. Gold was up $11 to trade at $1,431 per ounce, while oil was up $1.24 to trade at $58.14 per barrel WTI.
In addition to all of tomorrow’s fireworks, we get Apple’s earnings release after the close today. That, too, should have some effect on what transpires in tomorrow’s trading session. Having said that, though, the Fed will be front and center tomorrow. Stay tuned, we’ll let you know about the decision and the market response.
Have a nice evening everyone.
