Trading may not pick up until after Wednesday's Fed decision
The Dow spent much of the day in negative territory due to more losses out of Boeing, but the blue-chip index managed to reverse higher by the close, extending its win streak to four sessions. The S&P 500 and Nasdaq followed similar paths, with both benchmarks notching modest gains after a wishy-washy session. Chances are high that many traders will take a wait-and-see approach ahead of Wednesday's Fed decision, as tomorrow's economic schedule is also quite bare.
- The odd options activity around PayPal.
- A young e-sports stock an analyst thinks can double.
- What to expect from stocks if the Fed holds rates steady.
- Plus, 3 reasons to ditch one FAANG stock; the Apple supplier swimming in red ink; and the red-hot biotech that could cool off.
The Dow Jones Industrial Average (DJI - 25,914.10) gained 65.2 points today, or 0.3%, with a 2.1% rise out of Goldman Sachs (GS) pacing the 20 blue chips that ended in the black. The biggest loss from the 10 losers was Boeing's (BA) 1.8% pullback.
The S&P 500 Index (SPX - 2,832.94) rose 10.5 points, or 0.4%, while the Nasdaq Composite (IXIC - 7,714.48) added 26 points, or 0.3%.
The Cboe Volatility Index (VIX - 13.10) moved up 0.2 point, or 1.7%.
5 Items on our Radar Today
- Ride-hailing app Lyft is seeking to go public at a valuation of around $23 billion. At the time of the company's initial public offering (IPO), expected March 29, the market cap will likely be listed at just $19 billion, due to the shares owned by insiders. (Reuters)
- Start-up funding expert Y Combinator is betting on the podcast industry, investing $150,000 in Brew. This comes as other podcast businesses Luminary and Himalaya bring in funding in the hundreds of millions of dollars. (TechCrunch)
- An analyst gives 3 reasons to bench this FAANG stock.
- The Apple supplier hit with bear notes.
- Signal says to buy options insurance on this biotech.
Data courtesy of Trade-Alert
Oil Prices Gain Again
Oil prices rose again today on hopes that supply cuts from major producers would continue. April crude futures closed up 57 cents, or 1%, at $59.09 per barrel.
Gold ended with a small loss today. April-dated gold dipped $1.40, or 0.1%, to end at $1,301.50 per ounce.