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Afternoon Note

All Eyes on Washington
By Charles Payne, CEO & Principal Analyst
5/3/2017 1:21 PM

It is an interesting session, where the market seems unsure about where to take its cues.  Once again, big news out of Washington, D.C.,  isn’t the same as conclusive action or answers, but investors are watching. 

A flat start to trading saw major indices plunge as FBI Director James Comey began testifying before the Senate Judiciary Committee.   He dropped bombshells, including the thousands of Hillary Clinton emails inexplicable sent from Huma Abedin to her husband, some of which contained classified information.  The more he spoke, the faster stocks dropped.

Then, four members of Congress emerged from a meeting with President Trump indicating they are now ready to vote yes if the so-called Upton Amendment (essentially an extra $8.0 billion to fund coverage of pre-existing conditions) is part of the final bill.  That development saw the market put the brakes on the decline, and rebound, but not enough to get into the plus column.

http://markets.money.cnn.com/cgi-bin/upload.dll/file.png?z6b8f7c0azba08f8bb2eb94f8799ebb36d9f86beb2

Now all eyes are on the Fed, which isn’t expected to move on rates, but might refine guidance on potential rate hikes for the remainder of the year.


 

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