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Off session highs at the closing bell Tuesday, we get another down day for three of the four major indices: the Dow -0.50%, the S&P 500 -0.38% and the small-cap Russell 2000 -0.45%. Only the Nasdaq — the worst-performing index of the four, year to date — managed to eke out a gain of +0.18% on the day.
All four indices are down for this dismal, dismal trading week, but only the Dow and S&P are down in each of the last five sessions. Fingers crossed this switches over to something resembling a favorable outlook once the Fed announces monetary policy tomorrow afternoon. Anywhere between 50 and 100 basis points is expected by market participants; which of these would be most welcome is hard to see even this close to the decision.
A 60’s counter-culture novelist once wrote, “Been Down So Long, It Looks Like Up to Me” — and this feels like where we are at the moment. In one sense, we’re so drastically cut to the bone on equity valuations almost completely across the board, any decision the Fed makes tomorrow might quell at least some of the negativity somewhere, depending on outlook.
FedEx (FDX - Free Report) had a good day, at least: +14.4% on the day, after announcing the board has awarded three board seats to activists following pressure by D.E. Shaw Group. Executive pay is promised to be more closely aligned to shareholder returns, and the company announced a quarterly cash dividend hike of +53% to $1.15 per share.
Today’s performance more than cut in half FedEx’s year-to-date deficit in stock price; the company is now -11% for the year. FedEx reports quarterly earnings a week from Thursday. It is one of the “early risers” at the dawn of a new earnings season.
Boeing (BA - Free Report) posted a nice bounce-back today, +5.4% after striking a new 52-week low in yesterday’s nightmare session. The aerospace leader was tops among Dow components today, partly on a report of nearly three dozen new 737 MAX deliveries, though the stock has seemingly taken another leg down each month since mid-January. Shares are still down -41% year to date, -50% from this time a year ago. Questions or comments about this article and/or its author? Click here>>
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Can the Fed Land This Plane Safely?
Off session highs at the closing bell Tuesday, we get another down day for three of the four major indices: the Dow -0.50%, the S&P 500 -0.38% and the small-cap Russell 2000 -0.45%. Only the Nasdaq — the worst-performing index of the four, year to date — managed to eke out a gain of +0.18% on the day.
All four indices are down for this dismal, dismal trading week, but only the Dow and S&P are down in each of the last five sessions. Fingers crossed this switches over to something resembling a favorable outlook once the Fed announces monetary policy tomorrow afternoon. Anywhere between 50 and 100 basis points is expected by market participants; which of these would be most welcome is hard to see even this close to the decision.
A 60’s counter-culture novelist once wrote, “Been Down So Long, It Looks Like Up to Me” — and this feels like where we are at the moment. In one sense, we’re so drastically cut to the bone on equity valuations almost completely across the board, any decision the Fed makes tomorrow might quell at least some of the negativity somewhere, depending on outlook.
FedEx (FDX - Free Report) had a good day, at least: +14.4% on the day, after announcing the board has awarded three board seats to activists following pressure by D.E. Shaw Group. Executive pay is promised to be more closely aligned to shareholder returns, and the company announced a quarterly cash dividend hike of +53% to $1.15 per share.
Today’s performance more than cut in half FedEx’s year-to-date deficit in stock price; the company is now -11% for the year. FedEx reports quarterly earnings a week from Thursday. It is one of the “early risers” at the dawn of a new earnings season.
Boeing (BA - Free Report) posted a nice bounce-back today, +5.4% after striking a new 52-week low in yesterday’s nightmare session. The aerospace leader was tops among Dow components today, partly on a report of nearly three dozen new 737 MAX deliveries, though the stock has seemingly taken another leg down each month since mid-January. Shares are still down -41% year to date, -50% from this time a year ago.
Questions or comments about this article and/or its author? Click here>>