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27Jul2016 Market Close: Markets Closed Mixed, DOW Down $1.58, SP500 Down -0.1%, Leaving Investors Wondering What Is Going To Happen Next In The Market

Written by Gary

US markets closed mostly down and flat with the $NDX bucking the trend (+0.7%). The Federal Reserve left interest rates unchanged on Wednesday but said near-term risks to the U.S. economic outlook had diminished, but caused massive volatility reaction in the USD which closed down in the high 96's. WTI crude also closed down after dipping into the high 41's.

Todays S&P 500 Chart

The Market in Perspective

Here are the headlines moving the markets.

Fed keeps rates unchanged, says risks to outlook reduced

WASHINGTON (Reuters) - The Federal Reserve left interest rates unchanged on Wednesday but said near-term risks to the U.S. economic outlook had diminished, opening the door to a resumption of monetary policy tightening this year.

As iPhone sales stagnate, services promise growth for Apple

(Reuters) - Though Apple Inc is selling enough iPhones to keep investors happy for now, the world's most valuable publicly traded company is set increasingly to rely on its apps and services to drive growth.

SABMiller pauses AB InBev integration amid new offer

LONDON (Reuters) - SABMiller has told employees to pause the integration of its operations with those of Anheuser-Busch InBev as the brewer's board weighs its sweetened takeover offer, two sources familiar with the matter said.

Teva purchase of Allergan generics business gets OK with conditions

WASHINGTON (Reuters) - Teva Pharmaceutical Industries Ltd won U.S. antitrust approval to purchase Allergan Plc's generics business, after agreeing to divest more than 75 generic drugs to rival firms, the Federal Trade Commission said on Wednesday.

U.S. durable goods orders data points to weak business spending

WASHINGTON (Reuters) - New orders for U.S. manufactured capital goods rose less than expected in June amid weak demand for machinery, suggesting an ongoing downturn in business spending.

Wall St. recovers after Fed keeps rates unchanged

(Reuters) - Wall Street rebounded from earlier lows on Wednesday after the Federal Reserve left interest rates unchanged but opened the door to a resumption of monetary policy tightening this year.

Venezuela roils corporate profits around the globe

BOSTON (Reuters) - U.S. companies operating in Venezuela have escalated the use of an accounting maneuver to insulate themselves from a worsening economic crisis in the South American country that has erased more than $10 billion in profits over the past 18 months.

Boeing posts lower-than-expected second-quarter loss, stock gains

NEW YORK (Reuters) - Boeing Co reported a smaller-than-expected second-quarter loss on Wednesday, cushioned by strong performances in its jetliner and defense businesses.

Czech cabinet approves investment deal with GE Aviation

PRAGUE (Reuters) - The Czech government approved a deal with GE Aviation on Wednesday for an investment in a new turboprop engine plant that will cost an estimated 350 million euros ($384.76 million).

Gold Jumps Most Since Brexit As 'Hawkish' Fed Sparks Dovish Bond Buying Spree

Overheard at the NYFed trading room this afternoon...

Post-Fed, Gold was the biggest winner...

Trannies were ugly all day but AAPL gains supported Nasdaq and The Dow... the efforts to stay green appeared to fail into the cash close...

VIX was monkey-hammered lower (despite collapsing bond yields and spiking PMs) to ensure the S&P ended green... but it failed

Treasury yields were sliding early after the dismal durable goods data and then when The Fed hit, yields spiked briefly before plunging to the lows of the day...

Treasury futures show the initial kneejerk selling at The Fed hawkish statement then rip back at the lon ...

"This One Is Very Surprising" - US Luxury Rental Market Turmoiling As EQR Cuts Guidance For 3rd Time

Back on April 27, Chicago-based real estate investment trust Equity Residential (EQR) lowered its guidance during its Q1 earnings call, expecting a drop in revenue growth to 5% due to a luxury apartment slowdown in Manhattan. The Landlord said at the time that "New York City just turned very quickly and more deeply than we expected; There's some crazy stuff going on in New York" COO David Santee during the call.

Then, in early June, for the second time in less than two months, the landlord unexpectedly cut its earnings growth estimates once again, saying that the low end of the previously revised guidance of 4.5% to 5% has now become the high end of the range, as EQR forecast revenue growth of 4% to 4.5%.

"The revision is being driven by continued weakness in its New York portfolio and recent under performance in the company's San Francisco portfolio. New lease rates are not meeting original projections due to new rental apartment supply" the company said in a statement. "The revision is being driven by continued weakness in its New York portfolio and recent under performance in the company's San Francisco portfolio. New lease rates are not meeting original projections due to new rental apartment supply" the company said in a statement.

As we commented two months ago, "what's notable in the new guidance from EQR is that San Francisco has now joined the party - a development that clearly c ...

Anthem: Getting Past Cigna Merger Blues

Cost pressures and merger uncertainty shouldn't derail Anthem shares for long.

Why Uncertainty Isn't the Real Threat for Markets

If there is one thing the world seems to be producing in abundance, it is uncertainty. It is said that markets hate uncertainty, but resolution might be the real problem.

Nintendo's Future After Pokémon Fever Breaks

Nintendo's dismal results for last quarter further strengthen the case for the company to double down on Pokémon-style mobile games.

The Tell: Here's the key factor pushing oil prices to $35 a barrel

After enjoying a stellar run-up, crude futures are headed south again. However, the fundamentals of supply and demand may not be the key reason behind the recent bout of weakness in crude futures.

The Fed: Fed appears more willing to lift interest rates in September

Fed officials said that near-term risks to the economy had diminished, opening the door a bit more for a rate hike as soon as September.

The Tell: How the S&P 500 performs on Fed decision days

It's decision day for the Federal Reserve, and as it turns out that's been a great time to trade stocks, according to Bespoke Investment Group.

Summary of Economic Releases this Week

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Earnings Summary for Today

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To contact me with questions, comments or constructive criticism is always encouraged and appreciated:

gary@econintersect.com

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