After the biggest up day in 8 months, a pause in the rally is to be expected. And that’s just what happened today.
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Traders turned their attention to the Fed again today, with the November FOMC Minutes released in the afternoon.
The minutes revealed that the Fed is comfortable with raising rates, and is pretty much expected to raise rates in December. But the minutes also showed that monetary policy is “not on a preset course”, which echoed Fed Chair Powell’s comments yesterday.
Trading was pretty sideways ahead of the minutes. The major indices initially rallied on the report. But stocks pulled back in the last hour of the day to finish in negative territory.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.2% loss. Down 6 points, the S&P ended at 2,738.
- The DOW ended lower by 0.1%. Dropping 28 points, the DOW closed at 25,339.
- The NASDAQ was down 0.3%. Lower by 19 points, the NASDAQ finished at 7,273.
- Bitcoin finished lower by 1.1%. Down $45, Bitcoin ended at $4,155.
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Crude Oil (CL) found support around $51 and finished the day higher. CL was up 2.5%, closing at $51.53 a barrel.
In earnings news, Dollar Tree (DLTR) was up 6.1% after an earnings beat. And Abercrombie & Fitch (ANF)jumped an impressive 20.9% after better than expected earnings.
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The SEC announced settled charges against boxer Floyd Mayweather and DJ Khaled today. The two will pay combined fines of more than $750,000 and will be banned from promoting cryptocurrencies for 2-3 years after an investigation revealed that the celebrities promoted initial coin offerings without disclosing payments for the promotion.
Traders are keeping an eye on the G20 meetings starting tomorrow and going until Saturday. A meeting between President Trump and Chinese President Xi has been highly publicized. Traders are hoping that the two can come to some terms on the ongoing trade debate, although nobody’s holding their breath.
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Source: RockwellTrading by Markus Heitkoetter | Original Link