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Wednesday's Market Briefing

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This week, China’s economic situation remains on the radar as the U.S. is engaged in talks while at the same time, China’s economic data is still weak. Meanwhile, in Europe, the headline chatter remains centered on the Brexit negotiations.

Although uncertainty continues, the U.S. stock markets continue to march higher. Yesterday, the S&P 500 traded up to its highest levels since October 10th of last year. However, the Russell 2000 index is the current laggard, continuing to be in the negative for the month of March.

Asian stock markets were weak overnight with 10 out of 12 markets closing lower, led by the Hang Seng which was down .5%. In Europe this morning, 12 of 13 stock markets are currently trading lower with the German DAX lower by 1.27%. The U.S. equity index futures remain nearly unchanged at the moment, two hours before regular trading hours open.

The calendar features 26 corporate earnings reports today with General Mills being the most notable. The economic calendar is light this morning, but the focus will be on the FOMC statement and following press conference scheduled this afternoon.

According to Nordea Bank, the important thing in today’s FOMC statement will be hints regarding quantitative tightening.  The Fed is expected to retain “patient” language and to keep rates at current levels. Goldman Sachs expects for there be to a decrease of expected future rate hikes following today’s statement, which coincides with Barclay’s view that "the risks are skewed toward a dovish surprise.”

In other relevant news, the EU will fine Google $1.7 billion for suppressing ads from competitors, and that stock is just marginally lower in premarket trading. Also hitting the tape today are comments from Fedex executives stating that the whole global economy is currently in a slowdown. Fedex is often seen as an economic leading indicator.


Today’s Economic Calendar:

  • MBA Mortgage Applications 7:00 AM ET
  • EIA Petroleum Status Report 10:30 AM ET
  • FOMC Meeting Announcement 2:00 PM ET
  • FOMC Forecasts 2:00 PM ET
  • Fed Chair Press Conference 2:30 PM ET

Get more of today’s market news & video at

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About the author

Davin Blythe (FairValue Trader) has been a full time options trader since 2008 and has actively traded binary options since 2012. He also works at MrTopStep as a contributor/analyst/moderator of the IM PRO Trading Room, a social gathering for equity, futures and forex traders and routinely contributes in the MrTopStep Opening Print as well as on Yahoo Finance, and other outlets.

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