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Market Notes: Investors Expect The Fed To Finally Start Tapering – Musk Reveals Hertz Deal Not Signed Yet!

U.S. stocks traded sideways on Tuesday ahead of the Federal Reserve monetary policy meeting. Earning optimism subsided as investors shifted their attention to the Fed. The Dow Jones Industrial Average gained 30 points, the S&P 500 gained 8, and the Nasdaq traded up 4 points.

The Federal Reserve’s Open Market Committee monetary policy meeting will take place from Tuesday into Wednesday.

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Since the start of the pandemic, the Fed has been purchasing $120 billion per month in Treasuries and mortgage-backed securities. Soon, that could come to an end as the Fed seeks to ween the economy off its assistance and help curb inflation.

The effect on the market is not yet known but, many investors worry a pull back from the Fed could have a negative impact on stocks.

U.S. Dollar and Treasuries

The yield on the 10-year Treasury declined slightly. Meanwhile, the dollar remained stable against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 93.98 +0.10 +0.11%
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Yield Change Previous close
U.S. 1 Year Treasury Bill 0.120% -0.007 0.127%
U.S. 2 Year Treasury Note 0.478% -0.028 0.505%
U.S. 5 Year Treasury Note 1.167% -0.018 1.185%
U.S. 10 Year Treasury Note 1.566% 0.004 1.562%
U.S. 20 Year Treasury Bond 2.003% 0.013 1.990%
U.S. 30 Year Treasury Bond 1.983% 0.023 1.960%

Stocks To Watch

Shares of online education company Chegg plunged after a big earnings miss. The company’s CEO said that earnings did not pick up after the pandemic, as students are taking easier courses since their return on campus.

Tesla is down 1.5% after Elon Musk tweeted that the deal with Hertz is not signed yet. The deal (or the reaction to it) had made Musk the richest man in history.  

Hydrogen fuel company Plug Power continues to rally on clean energy optimism and Biden’s infrastructure bill.

Shares of Pfizer rose more than 3% on the earnings beat. Profits were at $1.34 per share, 20 cents better than anticipated. The company also issued an improved forecast to $36 billion for 2021.

Symbol Company Name Price Chg. % Volume
CHGG Chegg Inc. $41.25 -34.27
PFE Pfizer Inc. $44.56 2.03%
TSLA Tesla Inc. $1,189 -1.6%
CTVA Plug Power Inc. $42.91 0.23%

 

Commodities To Watch

Oil dropped below $85 dollars as U.S. inventories are expected to rise and ahead of the OPEC+ meeting. Gold dropped. 

Resource Price Chg. %
WTI Crude Oil $83.80 -0.30%
Brent Crude Oil $83.38 -0.80%
Natural Gas $5.38 3.70%
Gold $1,791.40 -0.22%
Silver $23.90 -0.72%
Copper $4.39 -0.16%
Soybeans $1,254.25 0.46%

 

Crypto

Crypto is getting a boost from the focus on the metaverse, as many traders believe crypto will be an integral part of it.

The global crypto market cap is $2.71T, a 2.27% increase over the last 24 hours. Bitcoin’s dominance is currently 43.95%, a decrease of 0.06% in the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $63,009.40 +1.86% 1.19t
Etherium ETH $4,433.54 +2.06% 522.18b
Cardano ADA $1.96 -0.35% 61.20b
Ripple XRP $1.11 +1.72% 48.89b
Dogecoin DOGE $0.2713 -0.29% 35.79b

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