Key market indexes faded into the close, leaving the S&P 500 and Dow Jones industrials underwater despite a burst of buying that momentarily followed the Fed's decision.
XThe Nasdaq held on to a 0.1% gain, the S&P 500 slid 0.3%, and the Dow Jones Industrial Average fell more than 0.5%. Small caps also fell as the Russell 2000 gave up 0.8%. Volume rose on the NYSE and Nasdaq vs. Tuesday, according to preliminary data.
The indexes reversed higher after the Federal Reserve indicated there would be no interest-rate hikes this year. It projected one hike in 2020 and said it would wrap up bond sales in September.
Big banks weighed on the Dow Jones index, with Goldman Sachs (GS) and JPMorgan (JPM) down more than 2% each. UnitedHealth Group (UNH) also lost more than 2%. Exxon Mobil (XOM), Apple (AAPL) and Boeing (BA), up about 1% apiece, were among the blue-chip winners. But Boeing shares slid after the close on a report that the FBI is joining the investigation into the certification of the 737 Max airplane model.
The Nasdaq got a boost from Apple, as well as the FANG stocks: Facebook (FB), Amazon (AMZN), Netflix (NFLX) and Alphabet (GOOGL). All four stocks rose 2% or more. Alphabet closed at its highest level since Sept. 4.
Oil groups were among the biggest industry group winners as West Texas Intermediate crude surged nearly 2% to $60.12 a barrel. Phillips 66 Partners (PSXP) led the IBD 50 with a 1.5% gain to a seven-month high.
Energy ETFs on the move included SPDR S&P Oil & Gas Exploration & Production (XOP), up 3%; VanEck Vectors Oil Services (OIH), up 1.7%; and iShares U.S. Energy (IYE), up 1%. All three ETFs are not yet near a buy point: XOP and OIH are more than 30% off their respective 52-week highs; IYE is 16% below its May high.
FANG Stocks Boost Nasdaq
Internet content and the movie industry groups also scored big gains — the latter, thanks primarily to a 4.6% jump by Netflix. Shares rose past a 371.59 buy point of a cup with handle, but volume was barely above average. The movie streaming company today released its first trailer for the third season of its Emmy Award-winning hit show "Stranger Things."
IBD 50 stock Match Group (MTCH) advanced 1.7% as it works on the right side of a flat base with a 61.01 entry. Amazon, which joined IBD Leaderboard today, added 1.4%. It's still 12% away from a potential buy point at 2050.10. Evercore started covering the internet retail giant with an outperform rating.
While Match Group represented the internet content group, so did Tencent Music Entertainment (TME), in the opposite direction. The China-based streaming music provider, down 10% in heavy volume, was the biggest IBD 50 loser. It reported Q4 results late Tuesday that met on earnings but missed on revenue.
Airfreight transport, managed care and bank stocks underperformed.
The Innovator IBD 50 ETF (FFTY) closed fractionally lower in today's stock market.
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