Fed Cut Hangover

Friends

Despite a stellar earnings report from Apple, soft economic data and a little “sell on the news” attitude helped send stocks lower today after yesterday’s Fed induced rally. Given the run up in the market averages we saw leading into the Fed decision, it’s not really that surprising that market participants wanted to take a little off the table.

For the day, the Dow Jones Industrial Average was down 140 points to close at 27,046. The S&P 500 was down 9 points to close at 3,037. Gold was up $16 to trade at $1,513 per ounce, while oil was down $1.02 to trade at $54.04 per barrel WTI.

Bond yields, too, dropped as market participants continue to worry about a slowing economy. Tomorrow, we’ll get a look at the government jobs report including the all-important non-farm payroll number. Remember, 75,000 new jobs are thought to have been created in October. It’s been a week full of earnings reports, economic data, and a Fed decision, and stocks have mostly treaded water. Let’s see how we finish out the week tomorrow.

Have a happy and safe Halloween everyone.

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