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Market Holds Steady, Awaits FOMC Rate Guidance | Morning Moovers
Morning mooers! It is Wednesday, March 20th, the market is open and chugging away, here are the morning moovers today:
RECAP
Indexes opened cautiously, awaiting word from the Federal Open Market Committee today at about 2 pm.
The $S&P 500 Index traded flat, down about 0.1% at the time of writing. The $Dow Jones Industrial Average also fell slightly, down 0.1%, and the $Nasdaq Composite Index fell 0.5%.
Traders anxiously await the FOMC rate decision, an economic outlook that may feature rate pullback dot plots, and Federal Reserve Presedent Jerome Powell's press conference. According to the CME Fedwatch tool, traders have priced in a 1% chance that the FOMC will change rates today.
MACRO
After a two-day policy meeting, the Federal Reserve is expected to hold interest rates at 5.25% - 5.5%. Rates on U.S. government debt continued to trend slightly lower Wednesday morning, ahead of the Fed's policy announcement at 2 p.m. Eastern time.
The FOMC will update a forward looking graph of target rate changes every quarter. Their first quarter homework, called a dot plot, is due today.
Wednesday, the 2-year yield was down less than one basis point at 4.684% from 4.692% on Tuesday. Meanwhile, the 10-year rate was off 1.1 basis points at 4.285%.
SECTORS
The biggest gaining sector tracked by moomoo this morning is Donald Trump Stocks, with names like$Digital World Acquisition Corp up 11%, and $Phunwareclimbing 6%. Approaching the presidental election this year, Trump stocks have shown volatility when the former president has made the news or won out in the Republican primaries.
Crude oil futures are lower this morning after rising to a nearly five-month high the previous two sessions on concerns about tightening supplies.
"Crude futures are trading under corrective pressure today as the market reacts to an overbought condition, a stronger U.S. dollar, and the API reporting a drawdown of crude storage of 1.5 million barrels," Dennis Kissler of BOK Financial says in a note.
"Most traders feel the latest rally in prices has happened a bit too far too fast and a corrective phase is needed." WTI for April delivery, which expires today, is down1.6% at $82.11 a barrel, and May Brent is off 1.4% at $86.16 a barrel.
COMPANIES
Morning Moovers
$PDD Holdings's posted a monster beat on Wednesday, climbing 18% overnight and 4% during market hours after reporting fourth-quarter earnings and revenue far above Wall Street's expectations as the company behind budget online retailers Pinduoduo and Temu continued to impress.
$CleanSpark (CLSK.US)$ and other crypto focused stocks climbed alongside Bitcoin prices after a recent pullback. CleanSpark climbed 8%.
$英伟达 (NVDA.US)$fell 0.35% in volatile trading after the chipmaker revealed pricing and shipment plans for its anticipated Blackwell B200 chip.
$英特尔 (INTC.US)$stock rose 0.25% after the Biden administration announced it is awarding the tech giant nearly $20 billion in grants and loans to boost the country's chip output.
$特斯拉 (TSLA.US)$rose 0.42% after confirming a price increase for China-produced Model Y vehicles from April 1, suggesting solid demand.
$BioNTech (BNTX.US)$ stock fell 7% after the vaccine maker reported a plunge in 2023 revenue and earnings as it shifts focus towards cancer drug development.
Mooers, what are you watching today? Comment below and I may feature your comment tomorrow!
Source: Bloomberg, Dow Jones, CNBC, Reuters
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: This presentation is for informational and educational use only and is not a recommendation or endorsement of any particular investment or investment strategy. Indexes are unmanaged and cannot be directly invested in. Past performance is no indication of future results. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors’ financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information regarding your relevant personal circumstances before making any investment decisions. Past investment performance does not indicate or guarantee future success. Returns will vary, and all investments carry risks, including loss of principal. Moomoo makes no representation or warranty regarding its adequacy, completeness, accuracy, or timeliness for any purpose of the above content. See thislinkfor more information.
Disclaimer: Community is offered by Moomoo Technologies Inc. and is for educational purposes only.
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Kevin Travers
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Moo moo News and Community Manager, NJ Office.
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placid Dove_6931 : I am keeping an eye on Fed’s decision on Interest Rates. It’s possible that the Fed may hike rates.
Kevin Travers OP placid Dove_6931 : I will be watching with you!
Bird007 : Interest rates remain the same
mizmo : it's more than likely that the FED will keep the rates the same
Tabitha Adams : What is the Donald Trump section? Lol