Wednesday Market Wrap

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Upside’s Commentary

The major averages ended the day on a lower note with Tuesday’s leader—Russell 2000—pacing the retreat. The small-cap index lost 1.1% while the S&P 500 surrendered 0.2% with seven sectors finishing in the red.

The Fed spoke today and for the umpteenth time the central bank intends to remain data-dependent when deciding the appropriate timing for the first rate hike.

Tomorrow, weekly Initial Claims ( consensus 285K) and October CPI (expected -0.1%) will be released at 8:30 ET while October Existing Home Sales (consensus 5.17 million), October Leading Indicators (expected 0.6%), and the Philadelphia Fed Survey for November (consensus 18.0) will all be reported at 10:00 ET.

  • Nasdaq Composite +12.0% YTD
  • S&P 500 +10.8% YTD
  • Dow Jones Industrial Average +6.7% YTD
  • Russell 2000 -0.5% YTD

See you on the morning.

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