The major indexes rose ahead of the Federal Open Market Committee’s interest rate decision Wednesday afternoon — and more in Wednesday’s stock market recap.
The Federal Reserve is expected to move ahead with its third consecutive 0.75% interest rate hike to tame high inflation.
Investors are also awaiting more details from Fed Chair Jerome Powell’s post-meeting news conference, as well as the quarterly economic and rate projections.
In other news, mortgage demand grew even as rates surpassed 6%. Refinance applications, which are more sensitive to changes in interest rates, also rose 10% for the week.
In this morning’s stock market recap video, I’ll discuss what to expect from the Fed meeting later today… what current volatility levels indicate… one sector that’s grossly oversold from a historic perspective… how to position yourself for this week’s big Fed data… whether or not stocks are done selling off… plus my top stock to take advantage of the current downside.
Don’t forget to like and subscribe to our YouTube channel if you haven’t already so you can be notified as soon as we post our next video and see what other trade opportunities we’re paying close attention to!
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P.P.S. When it comes to trading, every second counts. And in choppy markets like these, often driven by headlines, stocks can make big moves in a flash.
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Stock Market Recap: By the Numbers
This morning’s stock market futures recap:
DOW (mini)
- Close: 30,706.23.
- Futures: 30,937.
- Change: +136.
S&P 500 (mini)
- Close: 3,855.93.
- Futures: 3,892.75.
- Change: +20.
NASDAQ (mini)
- Close: 11,851.54.
- Futures: 11,971.5.
- Change: +48.5.
RUSSELL (mini)
- Close: 1,787.5.
- Futures: 1,808.2.
- Change: +12.9.
Note: Updated as of 9:18 a.m. EDT
Building on the sector analysis from Tuesday, I’ll take things a step further every Wednesday with two FREE trade alerts! I’ll identify my favorite stock in the strongest sector, and even a short opportunity from the weakest sector. That’s two trades… absolutely free… each week!
Need help understanding some basics that we discuss frequently? Check out some of our educational pieces to help get yourself up to speed! Have a question or a topic you’d like us to explain in a future article? Send your thoughts to support@marketgeeks.com!
- What Is the Dow and How Does It Work?
- A Beginner’s Guide to the Nasdaq and How to Trade It
- What Companies Make up the S&P 500 and How Can I Trade It?
- What Is the VIX? Understanding Stock Market Volatility
- A Beginner’s Guide to Stock Sector Analysis and Relative Strength
- How to Pick Winning Stocks With Simple Market Analysis Tools
Check back each morning for the Roger Scott newsletter and the most important news and numbers in the WealthPress stock market recap.
