The two-day Fed meeting started today
Yesterday's historic comeback for the Dow was short-lived, with all three major indexes ending Tuesday's session in the red. In focus has been the Federal Reserve's two-day meeting, which started this afternoon, as well as global tensions between Russian and Ukraine, which had already been putting pressure on oil. The 10-year treasury yield rose, putting added weight on the tech sector. Both FAANG and chip names suffered in response, however, the Dow managed to pare most of this afternoon's steep losses by closing just 66 points lower.
Continue reading for more on today's market, including:
- A quick pre-earnings breakdown of Microsoft stock.
- 2 powerhouse beverage names join forces for drink collaboration.
- Plus, the losing auto stock; options pop for this vaccine name; and why GE saw a post-earnings tumble.
The Dow Jones Average (DJI - 34,297.73) shed 66.8 points, or 0.2% for the day. American Express (AXP) led the gainers today, adding 8.9%, and Salesforce.com (CRM) paced the laggards with a 3.4% fall.
The S&P 500 Index (SPX - 4,356.45) moved 53.7 points lower, or 1.2%, while the Nasdaq Composite (IXIC - 13,539.30) plunged 315 points, or 2.3%, for today's session.
Lastly, the CBOE Volatility Index (VIX - 31.16) added 1.3 point, or 4.2% for the day.
- Amazon.com (AMZN) is planning on launching a large-scale grocery store called "Go," which will run off its modern take on brick-and-mortar retail locations. Its first launch will be in Mill Creek, Washington. (Market Watch)
- Prices for the S&P CoreLogic Case-Shiller National Home Price Index rose a smaller-than-expected 18.8% year-over-year in November. While not meeting estimates, this reading still comes in as sixth-highest in the last 30+ years. (CNBC)
- The auto stock looking to extend its losing streak.
- Options pop on this vaccine stock after its quarterly report.
- Why General Electric stock is slipping after earnings.
Biden Sends Warning to Russia Amid Heightening Tensions
Oil managed to log a day of recovery amid rising tensions between Russia and Ukraine, even as U.S. President Joe Biden warned the former country against taking action. March-dated oil added $2.29, or nearly 2.8%, to settle at $85.60 per barrel.
Gold surged to a two-month peak this afternoon, fueled by anticipation for tomorrow's Fed announcement and a continued volatile broader market. February-dated gold added $10.80, or 0.6%, to close at $1,852.50 per ounce.