As the market prepares for the FOMC rate decision later today, the major US stock indices are trading lower. The ADP jobs report came in weaker than expectations. We are seeing that bad news is not necessarily good news for the stock market at least at the open.
A snapshot of the market currently shows:
- Dow Industrial Average down -200.0 points or -0.58% at 33885
- S&P index down -11 points or -0.27% at 4066
- NASDAQ index down -24.2 points or -0.21% at 11560.
- Russell 2000 down -1.22 points or -0.06% at 1930.72
Looking at the Dow winners and losers:
- Amgen -2.89%
- Cisco -1.85%
- Travelers -1.47%
- Goldman Sachs -1.05%
The Dow gainers today include:
- Boeing +1.42%
- Verizon +0.3%
- Walmart +0.26%
- United health +0.06%
technically, the NASDAQ index is back above its 200 day moving average at 11477.98. The prices traded above and below that moving average since Friday. On Friday, the price closed above the moving average for the first time since January 13, 2022.
On the topside of 50% of the range since the August high comes in at 11634.96. The high price from last Friday reached 11691.89.
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NASDAQ index is back above its 200 day moving average