The Fed's interest rate decision is due out tomorrow
The Dow erased its triple-digit midday lead to snap a four-day win streak on Tuesday, while the S&P 500 managed to secure a narrow seventh-straight gain after both indexes nabbed record highs earlier. The Nasdaq also gave back most of its gains, but settled higher after better-than-expected retail sales data for August. Traders are eyeing the conclusion of the Federal Reserve's meeting tomorrow, with the majority now expecting a 50-basis point interest rate cut, per CME Group's FedWatch tool.
Continue reading for more on today's market, including:
- 2 retail stocks pulling back from record highs.
- E-commerce growth spurs Shopify stock upgrade.
- Plus, SEDG downgraded; election's impact on different sectors; and winning fintech stock.
5 Things to Know Today
- Crypto donations from individuals and corporations to a mix of candidates and PACs has already hit $190 million this election cycle, up $15 million from 2020. (CNBC)
- The Federal Aviation Administration (FAA) could fine Elon Musk's SpaceX for allegedly not following license requirements during two 2023 launches. (Reuters)
- SolarEdge stock downgraded on muted demand.
- Different sectors favor different election outcomes.
- This fintech stock delivered big win to options bulls.
There were no earnings of note today.
Oil Edges Higher as Gold Takes Breather
Oil prices rose on Tuesday amid escalating tensions in the Middle East that may disrupt crude production. Specifically, several pagers that exploded in Lebanon were reportedly carried by Hezbollah operatives. October-dated West Texas Intermediate (WTI) crude added $1.10, or 1.6%, to close at $71.19 a barrel.
Gold prices cooled off after their recent streak of record highs, as the U.S. dollar and Treasury yields stabilized before the Fed's rate decision. Gold for December delivery was last seen 0.6% lower at $2,592.40.