It was another rollicking session on Tuesday for social media stocks as Facebook continued to stumble over an explanation over the handling of customer data and even the potential personnel changes. 

Twitter also faced its own issues as the Israeli Justice Minister issued a statement that “terror groups have switched to Twitter because Facebook cooperates with Israel.”

For that reason, there is a bill that would allow Israel to request the removal of social media content.

While those stocks dominated headlines, investors are stuck with tech, shifting buys to software and semiconductor names.

Software:

• Adobe Systems (ADBE)
• Red Hat Inc (RHT)

Semiconductors:

• Nvidia Corp (NVDA)
• IPG Photonics Corp (IPGP)

While Amazon remains in a lane of its own, it’s zooming ahead with new highs within sight. Actually, the consumer discretionary was strong during the session with a few names moving toward new highs despite the fact those few names were recently thought to be on the way out, including Best Buy (BBY) and Tapestry, Inc (TPR). I thought the name was corny, but the stock has been on fire since the change was made.

Industrial names enjoyed a solid session, led by Dover Corp (DOV) and Boeing (BA).

After the close, FedEx (FDX) posted revenues of $16.5 billion. The Street was looking for $16.16 billion and earnings of $3.72 against consensus of $3.11; management offered strong guidance, driven by its transportation units.

On the other end of the spectrum, Salesforce (CRM) shares nosedived immediately upon posting financial results.

G- 20 News

Apparently, finance ministers from G-20 names aren’t going to regulate bitcoin for the moment after stating crypto-currencies could, “have financial stability implications, but do not have key attributes that define sovereign currencies.”

Bitcoin rallied more than 3% on the news, but it remains mired in a down-channel of lower lows and lower highs.  This news, however, has great potential to lure buyers back.

The G-20 also got in front of the White House with a communique against trade protectionism, emphasizing “further dialogue and actions” instead.

Today, it’s all about the Federal Open Market Committee (FOMC) decision and the maiden question-and-answer period for Fed Chair Jerome Powell.

 The Street currently is looking for a 25-basis point hike now, and at least two more this year. I think it could handle four with the right kind of economic data, but the Fed has to be careful not to admit as much without evidence of a spike in inflation.