Stocks are down at mid-day Thursday following a rally in the major indices after Federal Reserve Chairman Jerome Powell’s speech on the current state of the economy and the possibility of additional interest rate hikes that left investors scratching their heads. Is “just below” what would be considered a “neutral” level good? Apparently, that is how it was perceived yesterday, but it looks like investors are reevaluating their position on definition, and are waiting on the Federal Reserve meetings minutes to be released this afternoon for further evaluation.
S&P 500 is down 0.50%, the DJIA is down 0.45%, and the NASDAQ is down 0.60%.
Industries doing well today include Tobacco, Life Sciences Tools & Services, and Personal Products. Industries showing weakness include Consumer Finance, Construction & Engineering, and Textiles, Apparel & Luxury Goods. The VIX is up 1.43 to 19.92 after the previous close of 18.49. The total put/call ratio as of 10:00 AM was 1.09 (292,130/267,719). The advancers/decliners ratio for NYSE stocks is 1,211/1,712 while the advancers/decliners ratio for NASDAQ stocks is 1,133/1,844.
[InvestorsKeyhole, various news and data sources]