By Markus Heitkoetter
Stocks were stuck in a holding pattern today, as traders get ready for tomorrow’s speech from Fed Chair Janet Yellen.With only 2 official speeches (not counting testimonies and FOMC statements),
Janet Yellen has been surprisingly quiet this year. For comparison, Yellen had 7 speeches at this time last year. This is one reason Yellen’s speech, titled “The Federal Reserve’s Monetary Policy Toolkit”, is drawing so much attention.
Although traders are having a hard time believing that the Fed is serious about a September rate hike, they don’t want to be caught off guard. But for most traders, the real question is whether or not a rate hike in December is the plan – right now the probability of a September rate hike is just 24%, while the probability of a December rate hike is 55.9%.Without any real news to push stocks in either direction today, stocks ended the session slightly lower.
It was the 34th day in a row that the S&P moved less than 1% in either direction.
Here’s where the major indices ended the day:
- The S&P finished with a 0.1% loss. Down 3 points, the S&P ended at 2,172.
- The DOW ended 0.2% lower. Dropping 33 points, the DOW closed at 18,448.
- The NASDAQ was down 0.1%. With a 6 point loss, the NASDAQ finished at 5212.
Crude Oil (CL) made up some of yesterday’s loss with a 1.2% gain.
CL ended the day at $47.33 a barrel.It’s an active day for the economic calendar tomorrow with Preliminary GDP at 8:30am ET, and Revised Consumer Sentiment at 10:00am ET.
But the real focus will be on Fed Chair Yellen’s Speech at 10:00am ET.