Inflation Fears Outweigh Apple Rally, Dow Falls

The Dow briefly turned higher this afternoon, but failed to hold upside momentum, losing steam after the Fed decided to keep interest rates unchanged, as expected. The central bank said inflation has "moved close to" its 2% target, fueling expectations for a June rate hike. What's more, even an Apple-led tech rally failed to keep the Nasdaq afloat. Investors also digested this morning's jobs data, which comes ahead of the April jobs report from the Labor Department on Friday.

Continue reading for more on today's market, including:

• Why Match Group stock is drawing crazy options volume.
• The struggling Apple supplier reporting earnings tomorrow.
• Buy calls on this biotech stock that's rallied 900% since 2016.
• Plus, Shutterfly predicts greater profitability; Snap spirals to new lows; and pre-earnings options action on Tesla.

The Dow Jones Industrial Average (DJI - 23,924.98) jumped after this afternoon's Fed announcement, but quickly reversed course, closing down 174.1 points, or 0.7%. Six of the 30 Dow components closed higher, led by AAPL's 4.4% spike. Verizon (VZ) paced the losers, falling 2.2%.

The S&P 500 Index (SPX - 2,635.67) shed 19.1 points, or 0.7%. The Nasdaq Composite (IXIC - 7,100.90), meanwhile, fell 29.8 points, or 0.4%.

The Cboe Volatility Index (VIX - 15.97) rose 0.5 point, or 3.1%.

5 Items on Our Radar Today

1. According to a report (subscription required) from The Wall Street Journal, Cambridge Analytica, the company behind the Facebook data controversy, is shutting down. Cambridge Analytica blamed the negative press around the event and the subsequent loss of clients for the decision to close its doors. (Wall Street Journal and CNBC)
2. Turning to some political news, the White House attorney in charge of the collusion case against the Trump campaign, Ty Cobb, just retired. Cobb will be replaced by Emmet Flood, a lawyer who represented Bill Clinton during his impeachment hearing. (Bloomberg)
3. Why Shutterfly expects a "significant increase" in profitability.
4. Inside Snap stock's slide to record lows.
5. How options traders were positioned for Tesla earnings.

Data courtesy of Trade-Alert

Oil Prices Rise on Fed, Venezuela News

Oil prices got a lift today after the Fed's decision pressured the U.S. dollar. A potential crackdown on Venezuela following a "declaration of censure" from the International Monetary Fund (IMF) may have also contributed to the gains. June-dated crude futures closed up 68 cents, or 1%, at $67.93 per barrel.

Gold prices closed lower today, but reversed course post-market due to the Fed statement and lower dollar. Still, gold set for June delivery fell $1.20, or 0.1%, to end at $1,305.60 an ounce,