Stocks flat ahead of Fed announcement


Major indices are mixed or flat in Wednesday morning trading as the Federal Reserve winds up its two day meeting, to be capped by announcements at 2:00 PM. It is generally believed that the Fed will begin to unwind its enormous bond position, and this is depressing prices somewhat in the bond market. This in turn is pushing interest rates higher, which, on paper at least, the relatively stable economy should be able to handle. Bed Bath & Beyond (BBBY) is down 15% after second quarter earnings and revenue both fell short of expectation.

West Texas Intermediate crude is trading at $50.24. At present, the S&P 500 is flat, the DJIA is down 0.02%, and the NASDAQ is down 0.07%.

Here are your Wednesday morning market metrics. Industries doing well today include airlines, trading companies, and building products. Industries showing weakness include technology hardware, food products, and softwae. The VIX is down 1.8% to 10.00 after closing on Tuesday at 10.18. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 8,386 November-17 258 calls on the board. The total put/call ratio as of 10:00 AM was 1.26 (312,422/392,603). The advancers/decliners ratio for NYSE stocks is 1,639/1,114, while the advancers/decliners ratio for NASDAQ stocks is 1,378/1,241.

Symbols: BBBY SPY
Julian Close

Julian Close

Julian Close became a stockbroker in 1995. In his 20 years of market experience, he has seen all market conditions and written about every aspect of investing. Julian has also written extensively on corporate best practices and even written reports for the United Nations. He graduated from Davidson College in 1993 and received a Master of Arts in Teaching from Mary Baldwin College in 2011. You can see closing trades for all Julian's long and short positions and track his long term performance via twitter: @JulianClose_MIC.

You May Also Like