Wednesday Market Wrap

Equity indices struggled in the early going after the advance reading of Q1 GDP (0.2%) missed expectations. However, that disappointment was partially offset by the FOMC directive, which did not stir concerns of a rate hike taking place in the near term. Instead, the FOMC reiterated that the current policy stance will remain appropriate until there is reasonable confidence that inflation will move back to the 2.0% objective.

Seven sectors registered losses while energy (+0.7%) outperformed throughout the session thanks to a 2.6% gain in crude oil.

On the biotech front, (IBB) added 0.1% to snap its three-day skid, but could not close above its 50-day moving average (348.51), which served as resistance for the second day in a row.

Twitter (TWTR) remained a mess today and saw no bounce at all today.


YELP reported earnings after the close and is down 15%.

Please note that URI was added as a short yesterday, but wasn’t added to P&L problem do to a glitch I am fixing.  I will fix it tomorrow.

See you in the morning.

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