|
Stocks End Moderately Lower, All Eyes On The Fed Today
Image: Shutterstock
Stocks closed moderately lower, although well off their intraday lows.
Yesterday's Housing starts and Permits report showed Starts and 1.283 million units (annualized) vs. last month's downwardly revised 1.447M and views for 1.435M. Permits, however, jumped to 1.543M vs. last month's upwardly revised 1.443M and views for 1.440M. That was a 6.93% increase vs. last month.
In other news, the UAW strike enters its sixth day today. The union has said they intend to expand the work stoppage at other plants if significant progress isn't made in the talks.
All eyes will be on today's FOMC announcement. At the moment, the odds of a rate hike are only at roughly 1%. But the odds shift to 34% when they meet in November.
While today's expected pause looks like a done deal (although, nothing is actually done until it's done), what everyone is truly interested in is what does the Fed see happening on rates in November, and December for that matter? While it's highly unlikely they would explicitly spell that out, people will be scrutinizing every word, and compare that to the language they used in their previous announcement. Moreover, Fed Chair Jerome Powell, will give his customary Fed Chair Press Conference following the announcement. The announcement comes out at 2:00 PM ET. The press conference takes place at 2:30 PM ET.
There is still time to turn September around. But that only leaves 8 trading days to do so. Although, that's plenty.
For the month, the Dow is only down -0.58%, the S&P is down -1.41%, and the Nasdaq is down -2.54%. But just one or two good days could erase those losses and put them back in the green.
A market-friendly Fed announcement would help get that party started.
We shall see.
See you tomorrow,
Kevin Matras
Executive Vice President, Zacks Investment Research
|
|
Sponsor
See ALL Zacks Long-Term Picks for Only $1
Until Sunday, members are invited to download our Special Report, 5 Stocks Set to Double. One is the personal favorite of Zacks Director of Research, Sheraz Mian.
Plus, starting today, you can follow our private long-term portfolios in real time from the best stocks under $10, to Warren Buffett-style value plays, to high-paying dividend stocks, and more. Last year alone, they generated 42 double and triple-digit gains. Recently, we've closed blockbuster wins like +62.3%, +188.3%, and even +348.7%.
Total cost $1. No gimmicks.
See Stocks Now »
|
Most Popular Articles from Zacks.com
|
Image: Bigstock
|
Each of these hidden gems currently boasts a Zacks Rank #1 (Strong Buy) rating, and is trading at a discount. Read More »
|
|
Image: Bigstock
|
Berkshire has surpassed earnings estimates in five of the past seven quarters. Read More »
|
|
Image: Bigstock
|
The retail sector has been showing resilience amid inflationary pressure as demand continues to remain high. Read More »
|
|
Image: Shutterstock
|
Cost optimization efforts and rising patient volumes are driving demand for these Zacks Medical-Hospital industry players. Read More »
|
|
|
Investors are now increasingly favoring India over China, here's why. Read More »
|
|
Sponsor
Start Every Day Ahead of Wall Street
Before you make a trade, get today's market news from Zacks' latest Ahead of Wall Street article. With timely information from Zacks analysts, each daily article features a preview of where the market is headed. Plus, Zacks #1s on the move, stock research reports, earnings and economic news, and a top-headline analyst blog. All of it in one easy-to-follow place to give you the edge.
Get the latest news »
|
|
Image: Bigstock
|
Although struggles remain in Chinese equities, investors may want to consider FUTU because it provides international diversification, a contrarian investment, and large reversion to the mean potential. Read More »
|
|
|
Here are 5 stocks added to the Zacks Rank #1 (Strong Buy) List today. Read More »
|
| |
Download our app for convenient on-the-go access to even more—daily and weekly newsletters published by Zacks experts, proprietary research and tools, and Portfolio Tracker on Zacks.com. |
|
|
|
Visit Success Stories to hear how Zacks research, tools and portfolios help our members outperform the market.
|
|
Get all of our market insights and much more when you connect with us.
|
|
|
