By Markus Heitkoetter
This morning stocks took a hit and traded lower after first quarter data showed a sharp slowdown in the U.S. economy.
In the afternoon traders were ready to digest the FOMC Statement at 2pm ET. But the Fed Statement didn’t offer investors any additional clarity and stocks ended at their “pre-release” levels.
After the dust settled the S&P was trading 8 points lower. The S&P wrapped up the day with a .4% loss and close at 2106.85.
The DOW lost 75 points today. Mirroring the S&P’s decline the DOW lost .4% and closed at 18035.53.
The NASDAQ joined the selloff today with a .6% drop and close of 5023.64. NASDAQ’s sell-off was fueled by a 1.47% loss in Apple Inc (AAPL).
Tomorrow is the last day of trading for April. Traders have Unemployment Claims at 8:30am ET and Chicago PMI at 9:45am ET to pay attention to. Chicago PMI is a bit unique as the PMI numbers are released to “subscribers” 3 minutes before the public release.
Crude Oil (CL) traded at highs of the year today, largely due to a continued sell-off in the U.S. Dollar Index (DX). The index dropped another .9% today and is trading within reach of an ADR Profit Target at $94.345.
A PowerX Method Sell Signal was identified on April 20th.