November 8, 2018

After the strong rally yesterday, stocks fell today as investors digested the latest monetary policy decision from the Federal Reserve. The Fed kept interest rates unchanged, as was widely expected, however the central bank said it expects “further gradual increases” in the overnight rate. The Fed has hiked rates three times this year and is forecast to raise them once more before year-end, likely happening in December. At the end of the day, the major indices closed mixed:

DOW +11 at 26191
SP500 -7 at 2806
NASDAQ -39 at 7530

10 Year Treasury closed +2 basis points to yield 3.23%
Oil prices closed -1.10 at 60.56 a barrel
Gold prices closed -4.60 at 1224.10 an ounce

In the days’ stock news:

  • Qualcomm shares fell more than 8% after the company issued weaker-than-expected revenue guidance for fiscal first quarter 2019. QCOM closed -5.16 at 58.05.
  • Wynn shares were pummeled today after the company reported mixed 3Q earnings. Sales came in slightly better than expected though earnings missed estimates by a penny. WYNN closed down over 12%.
  • TripAdvisor and Carvana reported a profit and revenue beats for the 3Q. TRIP closed up more than 15% while CVNA closed up nearly 11%.