The major stock indexes reduced gains after the Fed announced a three-quarter point rate hike, as investors had expected. The market now waits for comments from Fed Chairman Jerome Powell.
The Nasdaq composite, which was up nearly 2%, trimmed its gain to 1.2% about 12 minutes after the Fed announcement. The S&P 500 rose 0.5%. The Dow Jones Industrial Average held to a 0.2% increase. The Russell 2000 is up 1.3%.
NYSE and Nasdaq volume remained lower compared with the same time Tuesday.
The Fed lifted the target range for the federal funds rate to 1.5% to 1.75%, adding that it "anticipates that ongoing increases in the target range will be appropriate." It is the largest rate increase since 1994, and the Fed also continues to trim its balance sheet.
Steelmaker, Live Event Company Up
U.S. Stock Market Today Overview |
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|---|---|---|---|---|
| Index | Symbol | Price | Gain/Loss | % Change |
| Dow Jones | (0DJIA) | 30430.98 | +66.15 | +0.22 |
| S&P 500 | (0S&P5) | 3756.20 | +20.72 | +0.55 |
| Nasdaq | (0NDQC ) | 10960.97 | +132.62 | +1.22 |
| Russell 2000 | 170.59 | +1.21 | +0.71 | |
| IBD 50 | 29.38 | -0.30 | -1.01 | |
Last Update: 2:18 PM ET 6/15/2022 |
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Nucor is up 2.3% after management said it expects a record $8.75 to $8.85 earnings per diluted share in the upcoming July-ending quarter. The steel producer has an Earnings Per Share Rating of 98 out of 99, and ranks No. 1 in EPS Rating in its industry group. Nucor has a 55% return on equity and has a 1.7% dividend yield. Mutual fund ownership has been increasing, with 1,860 funds holding the stock in March, up from 1,785 in December, and 1,716 in September 2021.
Nucor is meeting resistance at the 200-day moving average on the chart.
World Wrestling Entertainment is up 6.7% today on news that Morgan Stanley raised its price target to 75 from 60, and maintained its equal-weight rating on the stock. WWE is showing several strong CAN SLIM indicators, including an EPS Rating of 98, a Composite Rating of 96, and a Relative Strength Rating of 95.
World Wrestling's stock pushed above the 21-day exponential moving average. The stock is above the previous 63.81 buy point, and shows a new buy point of 68.82 in a cup-with-handle base. The relative strength line is showing a new high, as shown with a blue dot on the weekly chart of MarketSmith.
FedEx Stock Up
Shares of FedEx are up 1% today after increasing 14.4% yesterday, on news of a change in their board and a dividend increase. FedEx will be adding two new board members. CEO Fred Smith is retiring but is staying on as executive chairman. The company will be increasing its quarterly dividend 53% to $1.15 per share, payable July 11 to shareholders as of June 27. FedEx is scheduled to release Q4 earnings on June 23.
The increase in FedEx share price pushed the stock through the 200-day moving average on the MarketSmith chart.
Bitcoin is down another 6.5% today to $20,690, hitting a low of $20,025 this morning.
The Innovator IBD 50 ETF is up 0.6%.
