Market Summary: The long & the short of it.
U.S. stock markets tippy-toed sideways in yesterday’s trading, the S&P 500 apparently taking a breather in order to digest yesterday’s moves to all-time highs. The S&P 500 finished the day at 3036 for a mild loss of -0.08% and snapping a four-day winning streak.
The New York Composite (NYA) managed to continue its 5-day winning streak to close at 13,209, for a modest gain of +0.18%. The Russell 2000 (RUT) which represents small-cap stocks, also closed in positive territory today for a gain of +0.33%. The small-caps Russell has had quite an impressive month for October, moving from the low of 1470 to today’s close of 1577.
Of note in Tuesday’s markets, Apple Inc, (AAPL) saw its 7-day rally come to a screeching halt (on trade talks) and tumbled to 243 for a loss of -2.31%. Google parent Alphabet inc. (GOOG) saw a similar faith today, closing down -2.12% to close at 1262, on rare earnings miss for the tech giant. Grubhub Inc. (GRUB) was gutted at the opening of trading and finished its worst trading day ever at 33.11 for a loss of -43.30%.
U.S. Treasury’s finished the day practically unchanged ahead of today’s Federal Reserve meeting (FOMC), the two-year and the 10-year yields settled at 1.6% and 1.83% respectively. Investors looking to climb aboard the rally train today will need to be aware of the poor performance of equities in the wake of Fed decisions this year.
Gold remained below $1500 at $1491 and Silver bounced off the $17.60 mark to settle at $17.83. Crude Oil (WTI) prices slipped in today’s trading to $55.28 after an industry report said inventory at the Oklahoma Cushing storage hub rose last week.
Most cryptos were basically flat for the day, Bitcoin finishing at 9443.
Asian markets are lower today with shares in Hong Kong off the most. The Hang Seng (HIS) was down -0.49% while China’s Shanghai Composite (SSE) was off -0.48% and Japan’s Nikkei 225 is lower by -0.37%.
European markets finished mixed as of the most recent closing prices. The French (CAC 40) gained 0.17%, while the UK’s (FTSE 100) led the German (DAX) lower. They fell -0.34% and -0.02% respectively.
The CBOE Volatility Index (VIX) caught bids all day long and finished at 13.20, for a gain of +0.69%.