It was a struggle for stocks today as the bulls seem willing to pause while we wait for the Fed decision on rates (they will raise the Fed Funds rate tomorrow). In addition to the Fed decision, trade war fears still seems to be the one thing that has given even the bulls some pause as we sit at or near all-time highs in stocks. Of course, political headlines are always just around the corner these days, but traders seem more immune to their effects recently.
For the day, the Dow Jones Industrial was down 69 points to close at 26,492. The S&P 500 was down 3 points to finish the day at 2,915. Gold was up $1 to trade at $1,205 per ounce, while oil was up $.21 to trade at $72.29 per barrel WTI.
While we wait on the Fed decision, interest rates along the curve continue to ease higher. Slightly higher rates should not be a concern for equity investors at this point, but if rates were to spike higher in a short period of time, it would likely get everyone’s attention. Let’s see what the Fed has to say tomorrow. Stay tuned.