Hurry Up and Wait
The market opens mixed this morning, with the Nazz slightly higher and the SPX down a touch. Of course, the early action means very little today, as the market waits for the announcement from the FOMC later today. The statement they put out will be closely scrutinized, and likely lead to some volatile action in the final 90 minutes of trading.
Oil is up again today, above $64, and that has the energy stocks catching a bid. Bond yields are also higher, with the 10-year yield moving up to 4.73%. The bond market should also have a strong reaction to the FOMC announcement, especially if the Chairman gives any hints about being closer to the end of the rate hikes.
Energy stocks and homebuilders are up in early trading, while consumer staples and utilities are under pressure.