Stocks kicked off the week with a small win today.
This morning the major indices opened slightly higher, then rallied.
After the positive start, trading was sideways from late morning until late afternoon. Then 30 minutes before the close stocks pulled back, giving up some of the day’s earlier gains.
In the end, the S&P and DOW finished slightly higher. But it was the NASDAQ leading the way with a 0.6% gain.
Today’s 10-point range in the S&P was the smallest trade range of the year.
With such a small trading range, it’s clear that traders are waiting for the Fed. And for good reason!
The Fed will wrap up its 2-day policy meeting on Wednesday. And although the Fed isn’t expected to cut rates at this meeting, traders want to hear that the Fed plans to cut rates this year.
Lower rates are good for stocks and a lot of the recent move has been based on the Fed moving to cut rates this year. So any wording that doesn’t support a rate cut would be a big surprise for traders.
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Here’s where the major indices ended the day:
- The S&P finished with a 0.1% gain. Up 3 points, the S&P ended at 2,890.
- The DOW ended higher by 0.1%. Adding 23 points, the DOW closed at 26,113.
- The NASDAQ was up 0.6%. With a 45 point gain, the NASDAQ finished at 7,842.
Crude Oil (CL) dropped back below the $52 mark today. With a 1.1% loss, CL ended at $51.93 a barrel.
Although the major indices were pretty quiet today, there were some bigger moves in FAANG stocks.
Facebook (FB) jumped another 4.2% and Netflix (NFLX) rallied 3.2%. FB rallied ahead of its highly anticipated cryptocurrency. And NFLX was up after a Piper Jaffary analyst said that subscriber growth should rise in the 2nd quarter.
Here is the economic calendar for the week:
Real Time Economic Calendar provided by Investing.com.
Source: RockwellTrading by Markus Heitkoetter | Original Link