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Fed leaves rates unchanged | Stock Market Update Thursday, November 8th, 2018

With the mid-term elections behind us and the major indices trading at November highs, stocks were bound to take a bit of a breather.

And today was the day.

After a slightly lower open, stocks traded sideways for most of the session.

At 2pm ET, traders were focused on the Fed. The FOMC Statement from their November meeting revealed that the Fed kept Fed funds rates unchanged, which was expected.

The major indices dipped a little after the statement, then traded sideways into the close.

The DOW managed to end the day slightly positive. But the S&P and NASDAQ finished with small losses.


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Here’s where the major indices ended the day:

  • The S&P finished with a 0.3% loss. Down 7 points, the S&P ended at 2,807.
  • The DOW ended flat. Adding just 11 points, the DOW closed at 26,191.
  • The NASDAQ was down 0.5%. With a 40 point loss, the NASDAQ finished at 7,531.
  • Bitcoin finished lower by 1.4%. Down $90, Bitcoin ended at $6,410.

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Crude Oil (CL) closed lower for the 9th day in a row! Down 1.6%, CL finished at $60.68 a barrel. With today’s loss, Crude Oil has entered “bear market territory”, dropping 20% from its October 3rd high.

In earnings news, better than expected earnings was the theme today. But better numbers were overshadowed by lower guidance. D.R. Horton (DHI) dropped 9.0% on guidance, Qualcomm (QCOM) lost 8.2% on the same concern, and Wynn Resorts (WYNN) was lower by 13.1%.


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Source: RockwellTrading by Markus Heitkoetter | Original Link

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