Original Link | RockwellTrading by Markus Heitkoetter
Traders were hoping for a treat today. But after a higher open and sideways trading session, traders were tricked instead.
It was so slow that the S&P traded in a 2-3 point range for most of the day.
With the quiet session, you’d think that Halloween is a new trading holiday. But the lack of direction probably had more to do with traders waiting for tomorrow’s Fed Statement than anything.
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Here’s where the major indices ended the day:
- The S&P finished 0.1% higher. Up 2 points, the S&P ended at 2,575.
- The DOW ended with a 0.1% gain. Adding 29 points, the DOW closed at 23,377.
- The NASDAQ was up 0.4%. With a 23 point gain, the NASDAQ finished at 6,728.
Crude Oil (CL) was also range bound for most of the day. CL spent 24 hours stuck around the $54 level. But around 1pm ET Crude Oil finally pulled away. In the end, CL finished with a 0.4% gain, closing at $54.35 a barrel.
Looking at earnings, Under Armour (UA) got smoked today. The stock lost over 20% as the company continues to struggle to stay relevant in the brutal apparel industry.
Rockwell Automation (ROK) soared today after receiving a buyout offer from Emerson Electric (EMR).
And Big Pharma is under the microscope again after a report that 46 state attorney generals are investigating drug makers over price fixing of generic drugs. Mylan (MYL) was the biggest victim of the headline, falling about 6.6%.
Qualcomm (QCOM) was also slammed today, falling 6.5% after reports circulated that Apple (AAPL) is planning to drop the chip maker. Intel (INTC) is said to be next in line to replace Qualcomm’s chips.
And Bitcoin is one step closer to becoming a legitimate currency (at least depending on who you talk to)…the CME has approved Bitcoin futures trading, with more details to come.
Allergan (AGN) will report earnings tomorrow morning before the bell. The pharma giant has been the topic of controversy lately, and investors are hoping for a turnaround.
Looking at the economic calendar, ADP Non-Farm Employment is out at 8:15am, ISM Manufacturing is released at 10:00 AM followed by Crude Oil Inventories at 10:30 AM. But the biggie tomorrow will be the FOMC Statement and Fed Rate Decision at 2:00pm ET. And it could be one of Janet Yellen’s last Fed meetings since it’s now expected that President Trump will name Jerome Powell as the new Fed Chairman on Thursday.
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