The stock market right now is neutral, at best. Investors need to be careful and selective with stocks right now. This week brings additional risk to stocks with the Federal Open Market Committee (FOMC) meeting and the gross domestic product report. I’ve picked out the best pullback stock to trade through this week’s news — and more in today’s stock market recap.
Stock Market Recap
Global stocks are mixed as investors eagerly await an update for the Fed’s asset purchasing program.
The FOMC wraps up its two-day meeting Wednesday. Results will be announced at 2 p.m. EDT. Wall Street is eager to learn of any changes in the asset purchasing program. Recent COVID-19 delta variant outbreaks raised worries about the economic recovery and will likely figure into the Fed’s outlook.
The Centers for Disease Control and Prevention (CDC) announced a big change to mask guidance. Vaccinated people are recommended to wear masks indoors in places where the delta variant is spreading. The CDC claims that earlier recommendations were for the alpha variant. The new delta variant required a change in policy. This news comes after recent outbreak fears amid an economic recovery that was well under way.
Keep an eye on the Fed’s language today. If the central bank talks about our economy running hot, we could see a tapering of its asset-purchasing program sooner than expected. If supply chain worries or recent delta-variant outbreaks are being considered, we could see stimulus stay in place.
Roger’s Radar: Top Pullback to Trade Right Now
My top trade for today is a biotech company experiencing a pullback to its 50-day moving average. Its relative strength index shows neutral levels and it could bounce back to higher highs. This could be a great play — especially if COVID-19 cases continue to rise.
In this video, you’ll learn which stocks to avoid right now… why the bond market is driving stocks… the biggest report to watch this week… an update on important momentum levels… and the top pullback in biotech right now.
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Check back each morning for Roger’s Radar and the most important news and numbers in the WealthPress stock market recap.