Stocks Mixed Ahead of Fed Meeting as Earnings Roll In
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Dow Jones futures fell Wednesday ahead of the Fed decision and AMD earnings. The stock market rally attempt continued Tuesday.
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AMD reported better-than-expected earnings but weak guidance late Tuesday. Paycom plunged on weak results.
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Arista Networks, Cameco and Pinterest surged on strong earnings results. Tesla won a lawsuit involving Autopilot.
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The Fed is expected to reinforce that rising yields reduce the need for rate hikes. Markets see little chance of a rate increase Wednesday.
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While the Nasdaq rally attempt hit day 3, the downtrend remains in force until there is a follow-through day. Investors should be building watchlists but not rushing into new buys.