Stocks Trade Higher Ahead of Fed Decision

FedEx stock is one the biggest losers today after a weak outlook

by Josh Selway

Published on Dec 19, 2018 at 12:01 PM

The Dow Jones Industrial Average (DJI) is gaining for the second straight day, as Caterpillar (CAT) pops on the latest trade news. The S&P 500 Index (SPX) and Nasdaq Composite (IXIC) are higher, as well, though today's gains are coming amid low trading volume, with traders taking a wait-and-see approach before the Fed's policy decision this afternoon and a subsequent press conference from Fed Chair Jerome Powell. In the meantime, Wall Street is also keeping an eye on oil prices, with January crude futures up 3.1% at $47.65 per barrel.

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

midday market stats december 19

There's been heavy call activity on Fitbit Inc (NYSE:FIT) today, with traders targeting the January 2019 6-strike calls. Most activity here has taken place at the ask price, hinting at potential buy-to-open activity -- though this strike was home to high open interest coming into today. FIT shares were last seen trading up 2% at $5.18, meaning these option bulls would be betting on a 15.8% rise in the weeks ahead for the fitness band maker.

One huge winner on the Big Board today is RV manufacturer Winnebago Industries, Inc. (NYSE:WGO). The company produced strong fiscal first-quarter results, sending the stock up 12.9% at $22.54, but today's move is nothing compared to the equity's long-term slide. In the past year, WGO stock has shed more than 60%.

wgo stock chart december 19

One of the biggest losers on Wall Street today is FedEx Corporation (NYSE:FDX), as the stock falls following the company's shocking full-year outlook. FDX shares were last seen down 10% at $166.40, and earlier hit a two-year low of $165.66. The writing may have been on the wall for FedEx, based on the number of bearish analyst notes that came through before earnings.

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