Price action in today's stock market was on the quiet side as the two-day Federal Reserve meeting got underway. A decision on interest rates will be out Wednesday at 2 p.m. ET.
XMcDonald's (MCD) outperformed in the Dow. Big winners in the Nasdaq 100 included Leaderboard names Autodesk (ADSK) and Amazon.com (AMZN).
The Russell 2000 and Nasdaq composite led the way with gains of 0.2% each. The Dow Jones industrial average fell 0.3% and the S&P 500 eased 0.1%. Preliminary data showed volume on the NYSE and Nasdaq coming in slightly lower than Monday's levels.
Energy and consumer discretionary stocks outperformed. Utilities and staple stocks lagged.
Today's Stock Market: Fed Meeting Begins
The Federal Reserve is widely expected to raise the federal funds rate by another quarter point to a range of 2% to 2.5%. The chances for another rate hike at the December meeting are also looking pretty good. According to the CME Group FedWatch tool, traders think there's a 77% chance for another quarter-point hike.
In today's stock market, the 10-year Treasury yield was mostly flat at 3.09%. Consumer confidence hit its highest level since 2000, according to the latest data from the Conference Board. The index rose to 138.4 in September, up from 134.7 in August and well above the consensus estimate of 131.7.
In stock market results today, shares of Facebook (FB) fell 2.6% early but recovered for a loss of just 0.3%. Instagram co-founders Kevin Systrom and Mike Krieger are leaving the company due to frustration with CEO Mark Zuckerberg. Facebook bought Instagram in 2012 for $1 billion.
Meanwhile, shares of Michael Kors (KORS) picked up 2% on news that it's acquiring Versace for $2.1 billion. Shares plunged 8% Monday amid rumors of a potential deal. Kors is just above its 200-day moving average at around 66, a long-term support level to watch.
IBD 50 Turns In Solid Showing
Inside the IBD 50, Abiomed (ABMD) jumped for the second straight session after breaking out over a descending trend line Monday. Shares rose 5% after surging 9% Monday.
Trade Desk (TTD) was another solid gainer in the IBD 50. Shares soared 11% to a new high after RBC Capital raised its price target to 170 from 126.
The Innovator IBD 50 ETF (FFTY) outperformed in today's stock market, rising 1.5%.
Nike (NKE) added 0.6% to 84.81 ahead of its earnings report after the close. It ended near the top of the 5% buy zone from an 81.10 entry. It was featured as a potential call-option trade in the latest Earnings Preview column.
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