Indexes Close Lower on Heels of Fed Rate Hike

Oil extended yesterday's steep losses

Managing Editor
May 3, 2023 at 4:27 PM
facebook X logo linkedin


As anticipated, the U.S. Federal Reserve hiked interest rates for the 10th time in a row. Lifting 25 basis points, Fed Chair Jerome Powell hinted at an upcoming pause on such hikes, but did say slow inflation progress will likely contribute in a delay for rate cuts. In response the major indexes closed lower, with the Dow logging a second-straight triple-digit loss.

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

  • Overlooked Fed storylines to watch.
  • Casino stock flashing a pre-earnings bull signal.
  • Plus, the Starbucks stock slide; pharma stock's 2-year peak; and what small-cap underperformance looks like.

Closing Indexes Summary May 3

NYSE and Nasdaq Stats May 3

 Things to Know Today 

  1. Morgan Stanley (MS) is the target of a lawsuit due to alleged racial bias toward a contracted recruiter. (Bloomberg)
  2. With it's fiscal second-quarter earnings due out after-the-close tomorrow, followers of Apple (AAPL) are expecting a $90 billion buyback and dividend announcement. (CNBC)
  3. Behind the Starbucks stock slide.
  4. Pharma giant enjoying multi-year highs.
  5. What small-cap underperformance could mean for stocks.

Coroprate Earnings May 3

Unusual Options Activity May 3Oil Extends Steep Losses

Oil extended yesterday's drop, today marking its lowest close in over six weeks. Recession and demand fears continued to circle the commodity. June-dated crude dropped $3.06, or 4.3%, to close at $68.60 per barrel.

Before the Fed's announcement, gold futures settled Wednesday higher, though in after market trading shares seem to be shifting. The June-dated commodity added $13.70 or 0.7%, to close at $2,037 an ounce.

 

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls

 
 
 


 
 

Rainmaker Ads CGI