Stocks Falls From Record As Fed Pullback Looms

All eyes are on the Fed again, as investors ready themselves for Federal Reserve’s monetary policy announcement.

Investors anticipate the Fed to taper its massive bond purchasing program and the market is down 105 points on the Dow at 35,939 on that expectation. The S&P is trading off -0.11, or 5.3 points at 4625, and the Nasdaq Composite Index is flat.

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The Fed has been buying $120 billion in government and corporate bonds every month since the start of the pandemic. Analysts expect the Fed to cut its program by $15 billion.

U.S. Dollar and Treasuries

The yield on the 10-year Treasury fell slightly to trade at 1.545%. The dollar strengthened against a basket of major currencies.

Price Chg. Chg. %
U.S. Dollar Index (DXY): 94.15 0.06 +0.07%

 

Yield Change
U.S. 1 Year Treasury Bill 0.165% +0.038
U.S. 5 Year Treasury Note 1.165% +0.016
U.S. 10 Year Treasury Note 1.545% -0.004

 

Stocks To Watch

Zillow Group shut down its house-flipping website, after a bigger-than-expected quarterly loss. The management decided that the risk associated with price forecasting far exceed what they anticipated. The company will write off $540 in assets and let go of 25% of its staff. The stock fell more than 16% after the announcement.

Game designer Activision Blizzard beat expectations on earnings, but key game delays caused the shares to drop. Videogame developer announced delays in Overwatch 2 and Diablo IV, without specifying a release date.

Shares of Tesla stabilized dropping on shock Musk announcement that the company did not sign the deal with Hertz. The deal catapulted the company to $1 trillion in valuation.

Shares of Uber rose after the company announced it was prepared for the partnership with Bed Bath & Beyond to launch a new kids/baby merchandise section on the website.

Its competitor Lyft posted earnings that beat consensus estimates. Adjusted earnings per share were at 5 cents per share, vs an expected loss of 3 cents. Even more importantly, the CEO said that the drivers are coming back, which boosted the stock further.

Symbol Company Name Price Chg. % Volume
Z Zillow Group Inc. Cl C $73.01 -16.55 7.25 M
ATVI Activision Blizzard Inc. $66.60 -11.14 10,285 M
UBER Uber Technologies Inc. $45.25 + 5.5% 5.272 M
TSLA Tesla Inc. $1,185 +1.28% 3.594 M
LYFT Lyft Inc. Cl A $50.35 +10.94% 5.410 M

 

Commodities To Watch

Oil dropped after industry data shows a large buildup in U.S. inventory. Gold dropped.

Resource Price Chg. %
WTI Crude Oil $81.81 -2.50%
Brent Crude Oil $82.89 -2.16%
Natural Gas $5.765 +2.29%
Gold $1,767.50 -1.24%
Silver $23.14 -1.58%
Copper $4.35 -0.27%

Crypto

The crypto market cap is $2.74T, a 1.06% increase over the last 24 hours. Bitcoin’s dominance is currently 43.36%, a decrease of 0.61% in the same period.

Currency Symbol Price Chg. % Market Cap.
Bitcoin BTC $62,544.03 -0.92% 1.18t
Etherium ETH $4,525.77 +2.09% 533.10b
Cardano ADA $2.07 +5.09% 65.44b
Ripple XRP $1.16 +4.39% 51.05b
Dogecoin DOGE $0.2673 -1.76% 35.28b

 

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