Stock Market Today: Tech Stocks Lead, While Big Banks Fall Ahead Of Fed’s Rate Decision | Stock News & Stock Market Analysis

The major market averages were modestly higher in early morning trade Wednesday, ahead of the Federal Reserve’s interest rate decision to be announced at 2 p.m. ET. The Fed is widely expected to raise rates by a quarter percentage point.

X The tech-heavy Nasdaq and the Dow Jones industrial average each moved up 0.3%, while the  and S&P 500 held a 0.2% gain. The Dow and S&P 500 hit fresh record highs for a second straight day.

Among the Dow Jones industrial components, Apple (AAPL) advanced 0.8%. The iPhonemaker announced a $390 million investment in lasermaker Finisar (FNSR) at the expense of rival Lumentum (LITE). The lasers can be used in the iPhone’s augmented reality applications. Shares of Finisar surged 28%, while Lumentum fell 9%.

Shares of Apple were extended from a cup with handle’s 160.97 buy point. Finisar was back above its 50- and 200-day lines, while Lumentum hit a new seven-month low.

On the downside, energy giant Chevron (CVX) fell 0.3% to about 1% below a 120.99 flat-base entry after last week’s breakout.

Leading financials were mostly lower in the stock market today, but declines were mild. Global investment bank Bank of America (BAC) fell 0.4%. Shares are extended after a 50-day test in mid-November.

Micron Technology (MU) rose 2.3% after being called a ‘favored’ name for 2018 by Susquehanna Financial Group. The stock had a big move from a 32.45 double-bottom entry until it sold off in late November. Shares are under the 50-day line, about 15% off their high.

PayPal (PYPL) moved up nearly 2%, as it continues to rebound from its 50-day line. The stock was one of the top stocks of 2017, rising 43% from a 55.24 flat-base entry and 80% from a 43.90 cup-with-handle buy point.

Tesla (TSLA) was on pace to snap a three-day winning streak, falling 1%. Shares are building the right side of a potential base, but are still about 13% off their 52-week high. The stock reclaimed its 50- and 200-day lines Monday in heavy volume.

Inside the IBD 50, Red Hat (RHT) advanced 1.4% to continue its recovery from the 50-day line.

On the downside, Charles Schwab (SCHW) fell 1%. The leading brokerage firm is still about 10% above a 46.31 flat-base entry.


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Originally posted 2017-12-18 05:42:39.


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