- Greg Mionske / Red Bull Content Pool
Stocks ticked up slightly after the release of the Federal Reserve’s May minutes but remained close to their starting levels on Wednesday.
Treasury yields took a turn into negative territory following the release of the minutes and oil bounced around all day as news from OPEC members trickled out.
We’ve got all of the headlines you need to know, but first, the scoreboard:
Dow: 21,010.88 +72.97, (+0.35%) S&P 500: 2,404.32, +5.90, (+0.25%) Nasdaq: 6,163.02, +20.52, (+0.34%) US 10-year yield: 2.266%, -0.019 WTI crude oil: $51.35, -0.12, -0.23%
The Fed says it’ll be appropriate to raise interest rates again ‘soon.’ The Fed didn’t seem too worried about flagging consumer spending numbers, saying the slowdown was due to temporary factors. The Fed also addressed the question of shrinking its $4.5 trillion balance sheet by proposing a gradual raise to it caps on the dollar amounts of Treasurys and other securities that would be allowed to run off into maturity each month. Moody’s downgraded China’s credit rating. The credit rating agency dropped the China’s rating from Aa3 to Aa1 due to the growing levels of debt in the economy. Bitcoin once again smashed record highs. The cryptocurrency blew through $2,300 and $2,400 per coin to set a new all-time high after a new scaling agreement was reached by Digital Currency Group. The market for existing homes has never been this tight. The average time a home stays on the market hit a record low in the month of April according to the National Association of Realtors. Sales of existing condos, coops, and single-family homes fell by 2.3%, or a seasonally adjusted annual rate of 5.57 million. The Bank of Canada hold interest rates. The central bank held the target for its overnight rate at 0.50%, as most economists were expecting. In the accompanying statement, the bank noted that, “The global economy continues to gain traction and recent developments reinforce the Bank’s view that growth will gradually strengthen and broaden over the projection horizon.” The Container Store beat on earnings and the stock surged nearly 30%. Net sales for the period were $221 million, exceeding consensus estimates of $213 million. The specialty retail chain said full-year 2017 net sales would be between $830 million and $850 million, and forecast earnings per share of $0.25 to $0.35. Both beat analyst estimates.