Big Volatility on Fed Day


The S&P 500 (INDEXSP:.INX) finished the day almost perfectly flat after some serious volatility.

After starting the day in a mild slump, stocks rallied after the release of the FOMC minutes from the last Fed meeting, but they quickly retreated.

While there wasn't anything particularly Earth-shattering in the Fed's report, market participants remain torn about the timing of the long-awaited tapering of the Fed's increasingly controversial QE activities, and there was no additional clarity given today. As a result, the market experienced a continuation of its wholesale confusion, and stocks and US Treasuries both sold off in reaction to the report.

In economics, wholesale trade came in lower than expected at -0.5% versus the 0.3% consensus.

Crude inventories fell by 9.9 million barrels, sending oil prices up 2.5% to $106.15. Gold finished the day up 0.2% after wild swings throughout the day.

The Bank of Japan did not announce any major changes to its monetary policy last night. The Nikkei 225 (INDEXNIKKEI:NI225) finished the day down 0.39%. Europe finished flat across the board.

Tomorrow's Financial Outlook

Publicly traded retailers will release their same-store-sales numbers throughout the daytomorrow .

Initial jobless claims will be released at8:30 a.m. EDT tomorrow morning. The consensus is to see initial claims of 337K.

US import and export prices will be released at 8:30 a.m. EDT. Export prices are expected to see growth of -0.1%. Import price are expected to come in at 0.1%. The Bloomberg consumer comfort index will be released at9:45 a.m. EDTtomorrow . The US Treasury budget will be released at2:00 p.m. EDT tomorrow afternoon.

Bank of The Ozarks Inc ( OZRK ), Ceres Inc ( CERE ), Commerce Bancshares, Inc. ( CBSH ), Grupo Televisa SAB ( TV ), The Progressive Corporation ( PGR ) and Washington Federal Inc. (WAFD) will be reporting earningstomorrow .

Twitter: @Minyanville

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

This article appears in: Investing , Stocks

Referenced Stocks: CBSH , CERE , OZRK , PGR , TV



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