Market Update for 22nd Aug 2016 – Today the big news was… the Fed again!

By Markus Heitkoetter

This time the news came from Fed Vice Chairman Fischer. Over the weekend Fischer said that the economy is close to meeting the Fed’s goals. So here’s another Fed member pushing the idea that higher interest rates are coming… and the major indices opened the session lower.

Traders are trying to make sense of all this Fed talks, but there’s not much sense – yet.

As a result, trading was choppy (again) and the indices ended the day mixed.

The S&P 500 has now been trading for about 6 weeks in a tight daily range of less than 1%.

Here’s where the major indices ended the day:

  • The S&P finished with a 0.1% loss. Down 1 point, the S&P ended at 2,183.
  • The DOW ended 0.1% lower. Dropping 23 points, the DOW closed at 18,529.
  • The NASDAQ was 0.1% higher. With a 6 point gain, the NASDAQ finished at 5245.All eyes are on the Jackson Hole symposium later this week (Thursday/Friday), with Fed Chair Janet Yellen scheduled to speak on Friday.

Crude Oil (CL) made headlines again today.

Down 3.4%, CL snapped a 7-day win streak and finished at $47.42.The economic calendar is quiet early on this week. One of the most important items on the calendar will be on Friday when Fed Chair Janet Yellen speaks from Jackson Hole, Wyoming on Friday.

In the meantime, New Home Sales at 10:00am ET to is on the calendar for tomorrow.

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