Friends

As expected, the Fed did not change the Fed Funds rate today. Also as expected the Fed Chair said very little in his press conference. With just two FOMC meetings left before his term as Chair is up, it seems safe to say that Mr. Powell and company aren’t going to do much of anything at the next two meetings. If there are going to be rate cuts this year, they are likely to happen in the second half of the year. Stocks and bonds both did little before the Fed announcement and they did little after it.

By the close, the Dow Jones Industrial Average was up 12 points to finish the day at 49,015. The S&P 500 was down a fraction to close at 6,978. The Nasdaq Composite Index was up 40 points to close at 23,857. Gold was up $296 to trade at $5,378 per ounce, while oil was up $1.05 to trade at $63.44 per barrel WTI.

Next up are earnings releases after the close from Meta, Microsoft, Tesla, and Apple. We should see some action in these stocks tomorrow. Stay tuned.

Have a nice evening everyone.