Key indexes dived sharply after the Fed cut its benchmark interest rate by a quarter point, as widely expected. The Dow Jones industrials suffered the biggest loss in the stock market today.
XThe Dow Jones Industrial Average sank 1.2%, the S&P 500 stumbled 1.1% and the Nasdaq fell nearly 1.2%. Small caps tracked by the Russell 2000 edged just 0.2% lower. Volume rose on both the NYSE and Nasdaq vs. Tuesday, according to preliminary data.
The major indexes saw modest to moderate losses ahead of the Fed's meeting statement, then sold off more than 1% as Fed chief Jerome Powell began speaking. He didn't signal further rate cuts, and traders apparently were hoping for more.
All but four of the Dow Jones' 30 stocks were lower by the close. But Apple (AAPL), which reported better-than-expected quarterly results after the close Tuesday, bucked the sell-off. It pared a bigger advance from a breakout past a 215.41 buy point, but managed to hold a 2% gain. Apple finished below the entry. But it showed strength by ending higher on nearly triple its usual turnover.
Among other blue chips, Microsoft (MSFT), Coca-Cola (KO), Intel (INTC) and Verizon (VZ) fell more than 2% each.
Gold Stocks Lose Luster
Chipmakers, steel and gold miners led the downside among industry group losers. But solar, oil and gas, and telecom consumer products (thanks largely to Apple) outperformed.
Over in the IBD 50, Kirkland Lake Gold (KL) dived 10% in twice normal volume, nearing a test of its 50-day moving average. The gold miner on Wednesday reported Q2 earnings that beat views but weren't as stellar as Q1 results. Gold prices fell 0.8% to $1,430.60 an ounce.
Mining ETFs got hit. VanEck Vectors Junior Gold Miners (GDXJ) plunged 6%, VanEck Vectors Gold Miners (GDX) lost 5% and SPDR S&P Metals & Mining (XME) shed more than 3%.
Other IBD 50 losers included StoneCo (STNE), Ubiquiti Networks (UBNT) and Comcast (CMCSA), down more than 2% apiece.
But Paycom Software (PAYC) rallied 5%, tech services provider CDW (CDW) surged 4% to a new high, and Veeva Systems (VEEV) rose 3% as it bounced off support at its 50-day line. Enterprise software leaders Atlassian (TEAM) and Upland Software (UPLD), up a respective 2% and 1%, also defied downward pressure.
The Innovator IBD 50 ETF (FFTY) slipped 0.6% in the stock market today.
Follow Nancy Gondo on Twitter at @IBD_NGondo
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