Market Update – DOW falls 467 points after Fed Meeting Minutes

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Stocks got off to a nice start today. The major indices opened higher, then continued to rally ahead of today’s FOMC Minutes.

But the FOMC really ruined the party.

Although the initial reaction to the Fed Minutes was positive, the mood quickly changed. The major indices hit session highs 25 minutes after the report, then plummeted.

The DOW dumped early gains and experienced a 469 point swing from highs to the close. Bonds were also smoked after the minutes showed that the Fed is talking about getting more aggressive with hikes.

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Here’s where the major indices ended the day:

  • The S&P finished with a 0.6% loss. Down 15 points, the S&P ended at 2,701.
  • The DOW ended 0.7% lower. Losing 167 points, the DOW closed at 24,798.
  • The NASDAQ was down 0.2% With a 16 point loss, the NASDAQ finished at 7,218.
  • Bitcoin was down 11.3%. Dropping $1,325, Bitcoin is trading at $10,385.

Crude Oil (CL) finished lower today. Down 0.3%, CL ended at $61.62 a barrel.

Amazon (AMZN) traders seemed to care less about the Fed. While most stocks dropped, AMZN hit a new record high of $1,500 and ended the day 1.0% higher.

Domino’s (DPZ) spiked on a tweet that Restaurant Brands Int’l (QSR) is looking to acquire it. The tweet came from a Toronto radio station reporter, and he spelled burger ‘berger’, so take the rumor with a grain of salt. But it seems like traders like the idea, regardless of the source…DPZ bucked the overall market trend today and finished with a 4.1% gain.

Walmart (WMT) followed up yesterday’s dismal day with another rocky session. WMT ended the day with a 3.0% loss.

The economic calendar is pretty quiet tomorrow. The calendar features Unemployment Claims at 8:30am and Crude Oil Inventories at 11:00am ET. FOMC Member Bostic is also scheduled to speak at 12:10pm ET.

Source: RockwellTrading by Markus Heitkoetter | Original Link

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