All eyes are on Wednesday's Fed meeting and subsequent Powell speech
Now only two sessions out from Wednesday's highly anticipated Fed meeting, the market cooled from last week's resounding wins to finish red across the board. The Nasdaq and S&P 500 both inched lower, marking their first losing session in five as rising bond yields weighed. The Dow backpedaled a steep 215 points, despite CME's FedWatch tool pricing in a 90% chance of a rate cut.
Continue reading for more on today's market, including:
- Options bulls target outperforming Alphabet stock.
- Streaming wars are far from over, says Paramount.
- Plus, Netflix stock sees resistance; more M&A news; and a struggling cloud name.
There were no earnings of note today.
Fed Jitters Pressure Commodities Lower
The upcoming Fed decision and ongoing talks between Russia and Ukraine kept pressure on crude traders. January-dated West Texas Intermediate (WTI) crude shed $1.20, or 2%, to close at $58.88 per barrel.
Rate-cut buzz and Fed Chair Jerome Powell's subsequent speech are also in focus among safe haven traders. February-dated gold closed down 0.6% at $4,217.7 per ounce on the day.