The major stock indices edged higher in the final hour of trading, but ended Wednesday with a loss. Investors waited patiently in the stock market today even though the debt ceiling negotiations again failed to find a solution.
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The May FOMC meeting minutes, released Wednesday afternoon, did not seem to affect stock market performance.
“Several participants noted that if the economy develops in line with current projections, there may be no need for further consolidation of policy after this meeting,” the paper said. Minutes of the May 2nd and 3rd FOMC Meetings.
Meanwhile, government spending appears to be the deadlock in the debt ceiling negotiations.
“We have to spend less than we spent last year. It’s not that hard,” House Speaker Kevin McCarthy said. told reporters on Wednesday. Republicans and Democrats have just eight days to settle the matter before the government runs out of money to pay some of its obligations.
The Dow Jones Industrial Average closed 0.8% lower and the Nasdaq 0.6% lower. The S&P 500 fell 0.7%. iShares Russell 2000 ETF (IWM) worsened, down 1.1%.
Trading volumes on both the New York Stock Exchange and the Nasdaq were down from the same period on Tuesday, in preliminary figures.
Invesco QQQ Trust ETF (QQQ) fell 0.5%. Innovator IBD 50 ETF (FFTY) outperformed the major indexes, down 0.4%.
Crude oil rose 1.3% to $73.87 a barrel. Gold futures fell 0.7%, still below the psychological $2,000 level. Meanwhile, Bitcoin fell 3.5% to $26,260.
The 10-year U.S. Treasury yield rose two basis points to 3.72%.of CME FedWatch Tool There is a more than 70% chance that the Fed will not raise rates at its June meeting. The rest of the Fed watchers expect a rate hike of a quarter of a percentage point.
Keep an eye out for personal income and expense numbers for April as of Friday at 8:30 a.m. ET. The Personal Consumption Expenditure (PCE) portion of the report is closely monitored by the Federal Reserve and is a factor in policymaking.
Consensus points to PCE rising 0.4% in April. Econoday. According to estimates, personal income rose 0.4% in April and the monthly PCE price index rose 0.3%.
Tech futures surge as Nvidia surges in blazing AI demand
stock market movement today
IBD50 stock techno glass (TGLS) fell sharply by 4.7%, breaking below the 50-day line and triggering a sell signal.
Specialty Glass & Windows shares were sold on May 17 after announcing an offering of 2 million shares at $43 per share. TGLS was today the biggest loser on the IBD 50 list of top growth stocks.
Dow Jones Industrial Average Components visa (V.) fell 1% on a selloff in financial stocks, adding to Tuesday’s 2.9% decline. The stock is below the 50-day line, a warning sign.
Similarly, master Card (pose) fell 1.4% in weak volume, falling below both the 50-day moving average and the double-bottom buy point of 369.25.
security software inventory Palo Alto Networks (Panwoo) rose 7.7% after the company reported better-than-expected April quarterly profit and sales, matching expectations. The relative strength line of PANW stock hit a 52-week high, as indicated by the blue dot on the MarketSmith chart.
Most retail stocks shine
Among retail stocks, urban outfitters (URBN) increased by 17.6% in mass production after the clothing chain reported. Exceed Q1 FY2024 top and bottom rows. Comparable sales increased by 5% year-on-year, while inventories fell by 6.3%.
Urban Outfitters shares are in the buy zone at 29.84-31.33 after breaking the buy point. Its relative strength line hits a 52-week high, indicating a stock market dominance.
Retail company Coles (KSS) jumped 7.5%, but narrowed its surge after reporting gains in the first quarter. Sales beat expectations, but he fell 3.3% year-on-year. Comparable sales were down 4.3% and inventories were down about 6%.
“There is still work to be done and the macroeconomic environment remains challenging, but we confirm our 2023 guidance and remain confident in the long-term opportunity for Call,” said CEO Tom Kingsbury. there is,” he said.
Abercrombie & Fitch (ANF) Mass deals surge 31.1% after apparel retailer hits unexpected sales. Adjusted first quarter earnings of 39 cents. Analysts had expected a one-cent loss. Sales were up 3% year-over-year, but inventories were down 20% year-over-year. The stock price rose and regained the 50-day line.
but lululemon athletica (Lulu) fell 2.6%, further below the 50-day line. Today’s stock market action triggered the 7% sell rule from the handle cup based buy point 371.36.
LULU stock started to fall as follows foot lockerMr. Miss(Florida) earnings were released on Friday, lowering guidance. LULU He will report first quarter results on June 1st.
Analog Devices (ADI) fell 7.8% as chipmaker guidance was weaker than expected. Analog Devices stock fell below its 50-day moving average, undermining the foundation it had built over the past eight weeks. ADI was the biggest loser in the S&P 500 today.
Follow Kimberly Koenig for more stock news on Twitter @IBD_KKoenig.
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