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Markets slip after initial post-Fed Meeting rally following the FOMC’s decision
By: NASDAQ.com News
NASDAQ WEEKLY MARKET PULSE
September 25, 2013
Markets slip after initial post-Fed Meeting rally following the FOMC’s decision to leave the asset purchasing program at $85 billion
The decision from the Federal Reserve was unexpected and investors initially reacted optimistically, pushing the NASDAQ Internet Index up2.51% and the PHLX Utility Sector Index up 2.07%
"The Fed surprised the market with keeping QE unchanged and gave it a Greenspan-esque boost last week but it proved only temporary as the broad markets have given those gains back,” said Dave Gedeon, Managing Director of NASDAQ OMX Global Indexes. “The interest-rate sensitive asset classes were given a reprieve as MLPs, preferreds, and corporate debts all bounced and have remained steady."
INDEX MOVES THIS WEEK
Positive guidance and better-than-expected iPhones sales on Monday helped Apple (~5%). Also, iPhone suppliers saw additional upside. The NASDAQ-100 Index rose 0.85% over the past five days.
Air-conditioning and a moderate weather forecast in the US drove Natural Gas prices lower on Monday and Tuesday. The NASDAQ Commodity Natural Gas Index ER dropped 5.33%.
Crude oil has dropped to the lowest levels since July with tension in the Middle East easing and gasoline demand on the decline. NASDAQ Commodity Crude Oil Index ER fell more than 3%.
EQUITY INDEXES: 9/19 - 9/25
|NASDAQ INTERNET INDEX (QNET)||+2.51%|
|NASDAQ OMX US WATER INDEX (GRNWATUSL)||+2.17%|
|PHLX UTILITY SECTOR INDEX (UTY)||+2.07%|
|NASDAQ EM EUROPE INDEX (NQEMEU)||+1.67%|
|PHLX DEFENSE SECTOR INDEX (DFX)||-1.46%|
COMMODITY INDEXES: 9/19 - 9/25
|NASDAQ COMMODITY NATURAL GAS INDEX ER (NQCINGER)||-5.33%|
|NASDAQ COMMODITY CRUDE OIL INDEX ER (NQCICLER)||-3.29%|
|PHLX GOLD/SILVER SECTOR INDEX (XAU)||-2.89%|
|NASDAQ COMMODITY LIVE STOCK INDEX ER (NQCILSER)||+1.74%|
|PHLX OIL SERVICE SECTOR INDEX (OSX)||-1.34%|