Stocks Drift Lower with Fed in Focus
Investors are expecting an interest rate reduction from the Fed
U.S. stocks are broadly lower today, as traders await a likely interest-rate cut from the Federal Reserve. The post-decision press conference from Fed Chair Jerome Powell is really the biggest focal point, with Wall Street awaiting more details on the central bank's monetary policy plan. The Dow Jones Industrial Average (DJI), Nasdaq Composite (IXIC), and S&P 500 Index (SPX) are so far in the red, setting up a third loss in four sessions for the latter two indexes. Meanwhile, the Cboe Volatility Index (VIX) is only up modestly, though the "fear gauge" is eyeing its first close atop the 10-day moving average since Sept 3.
Continue reading for more on today's market, including:
Options market reacts to FedEx earnings sell-off. Inside Wedbush's big iPhone 11 call. Plus, long-term traders target Live Nation; Wall Street rookie rallies; and a drugmaker down on a C-suite shake-up.
One name seeing interest options trading is Live Nation Entertainment, Inc. (NYSE:LYV). There has been huge action at the April 70 call, and new positions appear to be opening there. Buyers of the calls would be betting on a push above $70, while selling would indicate traders see LYV shares holding below $70 in the months ahead. The stock was last seen down 2.9% at $67.91, but finding a familiar foothold atop $67.
One stock on the rise today is web performance expert Cloudflare Inc (NYSE:NET), up 3.9% at $19.48. This is the equity's fourth day of trading on public markets, originally opening at $18 on Sept 13, after an initial public offering (IPO) of $15 per share.
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN), meanwhile, is a notable loser today, down 5% at $102.42 on the surprise departure of the company's chief financial officer (CFO). This keeps the stock in its longer-term downtrend that's been in place since an April peak near $142.
