Market Debrief (Wednesday May 4, 2022)

 May the 4th be with you Stock Talkers!


Stocks traded mixed up until the Fed meeting and the decision that was made. Then stocks rallied after that point with Dow finishing up 932 points and Nasdaq finishing up over 3%. Jerome Powell decided that the future increase of a .75 interest rate hike was not in discussion at the moment. That doesn't take away from the fact they did implement a 0.50 interest rate hike, the highest in two decades. The federal funds rate now sits between 0.75% and 1%. The interest rate hike was expected, so that's why it didn't seem to be too big of a deal for investors. The Fed also announced that they were delaying the quantitative tightening of their balance sheet to June 1. The policy was set to start this month, but they decided to push it back and will ease into it for the first three months. Powell announced that we seem to be in a good position and that we shouldn't expect a downturn. This allowed stocks to extend it win streak to 3 days. This is some solid news for investors and a great start to May. Hopefully the momentum keeps going. My confidence has been boosted in the Fed based on the actions they took today, I feel a lot better about where things are going. 

Major Indices:    

  • S&P 500      4,300.17 +124.69 (+2.99%)
  • DJI              34,061.06 +932.27 (+2.81%)
  • Nasdaq        12,964.86 +401.10 (+3.19%)

Most Active Stocks (Volume):

  • Advanced Micro Devices, Inc. ($AMD) (116.566M)
  • Uber Technologies Inc. ($UBER) (112.831M)
  • Lyft, Inc. ($LYFT) (110.944M)

Notable Gainers (Large Cap):

  • Black Knights, Inc. ($BKI) (+14.65%)
  • Paycom Software, Inc. ($PAYC) (+14.27%)
  • Service Corporation International ($SCI) (+11.37%)

Notable Losers (Large Cap):

  • Akami Technologies, Inc. ($AKAM) (-9.70%)
  • Johnson Controls International plc ($JCI) (-8.19%)
  • XP Inc. ($XP) (-7.46%)
Earnings I'm Watching Tomorrow:
  • ConocoPhillips ($COP)
  • Anheuser-Busch Inbev SA ($BUD)
  • Block, Inc. ($SQ)
  • Shopify Inc. ($SHOP)
  • Datadog, Inc. ($DDOG)
*Information from Yahoo Finance, CNBC, Fox Business, and Nasdaq

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