Markets sag again ahead of Fed presser on Wednesday
Market indices slumped again from the open, attempting to cut losses in the afternoon, but failing to hit the higher closing levels. The Dow Jones posted its second consecutive failure, -0.27%, while the S&P 500 plunged 0.19% the same day after hitting new intraday highs early in the morning. The Nasdaq chart today looks more like stairs descending most of the session, -0.71%. The Russell 2000 small cap was -0.26% today.
It was the worst trading day for the Nasdaq in two weeks, with investors making profits on yesterday’s + 0.74% gains as tech stocks sold 0.64% that day. On the other hand, Energy is up around 2% on the day, supported by XOM from ExxonMobil + 3.5% the day after a positive rating from investors. Chevron CVX returned 2.25% in regular trade. WTI crude rose 1.9% during the session.
Enterprise software giant Oracle ORCL posted a new profit record after the closing bell, with $ 1.54 per share easily exceeding the Zacks consensus $ 1.31. Revenue increased 8% year-on-year to $ 11.2 billion, exceeding the $ 11.07 billion expected by our analysts. Oracle’s cloud business grew 8% to $ 7.4 billion in the quarter. Still, the company, whose last shortfall was five years ago, fell 2% on the news. That said, it’s still up 28% year-to-date.
The big news of the week has yet to materialize, of course: the appearance of Fed Chairman Jay Powell for the first time since early May after the two-day Fed meeting, in light of plenty of news. data. More complex than just a jubilant ramp-up of each measure, existing data points over the past month and a half suggest that there is still a chance that the Fed will conclude that inflationary pressures in the current market are transient and temporary.
Powell is unlikely to be looking to make waves at his press conference tomorrow at 2 p.m. ET, but the augmented language of everything we’ve seen so far this year would likely inform investors whether a new timeline for the reduction. bond buybacks could be expected. Then again, his language may not be increased, which would likely cause a larger reaction. So many of us will have Powell’s address clearly dialed on Wednesday afternoon.
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