Stocks finished lower by ten bps. Technology was a hit a bit hard with the Nasdaq down by 60 basis points. There is not much that changed based on today’s price action.
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The Fed
The big event happens tomorrow with the FOMC set to decide on rates at 2 PM. The CME Group is projecting a 97.3% chance of a rate cut tomorrow. There should be no surprises tomorrow. The question is, how does Powell position future rate cuts? At this point, the market is not expecting a rate cut in December. So anything that suggests more rate cuts will be viewed as a positive. I think the Fed will use the opportunity the market is giving it and pause here for a bit.
Facebook (FB)
Facebook continues to test resistance at $191, and I still think there is a good chance this stock trades lower towards $181 in the days ahead.
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Tesla (TSLA)
Tesla fell some today, and don’t be surprised if it continues to fall back to $300. It is fine and healthy.
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Apple (AAPL)
I’d be thrilled if Apple could fall back to $237 before the company reports tomorrow night, and then pops after results. That would be the best-case scenario.
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AMD (AMD)
I am completely shocked that AMD can trade higher in the after-hours following an inline quarter on the top and bottom, and a slight miss on guidance. The way this stock traded higher into the quarter, it should have had a big beat or something more than inline. Shocking. Enjoy it, it won’t last. Support comes around $31.40
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Yet, Alphabet trades down all day, on basically a non-operational line item. I give up!
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