Market Summary: The long and the short of it.
We saw an early sell-off in the S&P 500 on the disappointing quarterly earnings released by the bell-weather Caterpillar (CAT) and the electronics giant Texas Instruments (TXN). However, the S&P 500 managed to shrug off the news and close out a resilient session, to finish at 3004, a gain of (0.28%). The last hour of panic buying may have followed a statement by the New York Federal Reserve confirming that it would dramatically increase overnight and term liquidity beginning tomorrow.
The New York Composite (NYA) closed out in similar fashion, to end the day at 13114, a gain of (0.33%).
Gold and Silver both traded flat for the day, finishing up at $1494 and $17.57 per Ounce. The precious metals have been consolidating as the Federal Reserve meeting nears.
Crude Oil (WTI) finished the session slightly down, settling at $55.50 a barrel, for a loss of -0.84%. Profit-taking and weak demand outlook were the motivators of the day.
US Treasury Yields ended the day practically unchanged, booking a round trip from overnight bond-buying, just to be sold off in the day session. The US 10 year yield ended the day at 1.759%.
The European Markets were a mixed bag and struggled to make much headway on Wednesday, investor anxiety increasing on concerns of a further delay in the British exit. The FTSE 100 settled at 7260, for a modest gain of 0.67%. The German DAX wrapped up the day at 12798, for a gain of 0.34%.
The UK Gilt 10 year dropped 1.16% on Brexit anxiety, to finish at +0.679%, while the German Bund 10 Year yield settled at a negative yield of -0.39%.
The Asian Markets traded flat for the day, with the MSCI Asia Pacific Index declining -0.1%.
Bitcoin got hammered in the afternoon session, dropping $555 to close at $7479.
The fear gauge CBOE Volatility Index (VIX) closed down -3.11% to finish at 14.01.