Hurry Up And Wait (for the Fed)

The market is opening under a bit of weakness, but it seems like lately every time we see this, the market recovers by the end of the trading session. Today, the FOMC meets, and while it is widely expected to hold rates steady for the 7th consecutive meeting, it will be interesting to see if they change their directive (comments) about the economy and inflation.

CSCO reported good earnings last night, but lackluster guidance has the stock getting hit for -6%. DIS was also pretty good, but sales were a little light, and the stock is down slightly. A Goldman upgrade of IBM is helping that stock break to new highs.

In the M&A world, there is chatter that RTP could be taken out by BHP, and that has the stock gapping +6% higher. There is also news that AT could be taken private.

Bonds are steady ahead of the Fed meeting, with the 10-year yield at 4.64%. Oil is slightly lower at $62.20. The real problem is with the refiners, where bottlenecks in production are keeping prices at the pumps high. My corner had (regular) gas for $2.71 this morning. Will this crimp the summer driving season?

long GS