All eyes were on Apple (AAPL) after yesterday’s impressive earnings report.
During yesterday’s earnings release, Apple announced better than expected Q1 results, raised profit expectations, increased its stock buyback program and raised its dividend by 16%. Apple jumped at the open and eventually finished the day with a 4.4% gain.
Although Apple was on the move this morning, the major indices were sideways. This showed that traders were clearly waiting for today’s Fed Statement before making any big moves.
The Fed released their policy statement at 2:00 pm ET keeping rates unchanged. The decision was expected. The Fed said that inflation is near their target and that they don’t see any need to change their plans to gradually raise rates. The Fed is expected to raise rates in June, which would be the second time this year.
There was a quick move higher in response to the Fed decision, but then stocks retreated.
News that President Trump is considering a move that will restrict some Chinese companies from selling telecommunications equipment didn’t help matters, and the major indices finished the day with losses across the board.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.7% loss. Down 19 points, the S&P ended at 2,636.
- The DOW ended 0.7% lower. Dropping 174 points, the DOW closed at 23,925.
- The NASDAQ was down 0.4%. With a 30 point loss, the NASDAQ finished at 7,101.
- Bitcoin ended 1.7% higher. Adding $155, Bitcoin is trading at $9,190.
Crude Oil (CL) bounced back after yesterday’s down day. Up 1.0%, CL ended at $67.92 a barrel. Today’sCrude Oil Inventories showed a 6.2 million barrel increase in U.S. stockpiles vs. the 1.0 million barrel increase expected.
Gilead Sciences (GILD) dropped after worse than expected earnings and ended the day 7.8% lower. Snap (Inc) also had an earnings miss and was hammered with a 21.9% loss.
Source: RockwellTrading by Markus Heitkoetter | Original Link