Stocks have been trading sideways today. There was no economic data out, however three voting members of the FOMC spoke today including Minneapolis Fed President Kashkari, Philadelphia Fed President Harker, and Chicago Fed President Evans. The news was mixed with Evans stating that four hikes this year is not off the table. Harker thinks the Fed could potentially overshoot its 2% inflation target, and Kashkari is keyed in on reducing the Fed’s balance sheet. All three officials are voting members on this year's FOMC.
Nasdaq hit an all-time high intraday today but it is currently down. Technology and Industrials are leading the broader market today. AAPL is leading the technology sector higher, and has broken above $141.
CAT is leading the industrials higher, after the company reported encouraging February retail machine sales data. for the rolling three-month period declined 1% from the same period a year ago, the smallest rate of decline since December 2012, with retail sales of machines for the construction industry turning positive for the first time since June 2014. The company has also retained former U.S. Attorney General Willian Barr as its outside counsel to review its pending litigation and the search warrants executed at its 3 facilities on March 2, 2017.
On the NYSE advancers lag decliners 42% to 55% with up volume at 37% and down volume at 62%. On the Nasdaq advancers trail decliners 41% to 55% with volume close to even (up 50%/down 49%).
|Evans stating that four hikes this year is not off the table. Harker thinks the Fed could potentially overshoot its 2% inflation target, and Kashkari is keyed in on reducing the Fedís balance sheet.|
Does the above means these men are leaning to be proactive rather then being the usual FED reactive.
Rodman Johnson on 3/20/2017 3:08:35 PM
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