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Markets are Flowing as Yellen Keeps the Beat Going


Today's financial recap and tomorrow's financial outlook.

Today on T3 Live

Scott Redler, author of Redler-All-Access, said to look at Facebook (FB) after its upgrade and at LinkedIn (LNKD) if it could break into the gap.

Facebook rallied 0.9% today, while LinkedIn closed down 0.6%.

Click here to learn more about Reddler-All-Access

Market Recap

The Markets rallied after the FOMC statement this afternoon. The Federal Reserve seems set to raise rates before the end of the year as the economy improves. However, the Fed downgraded its 2015 GDP forecast and signaled that the pace of subsequent rate increases may not be as steep as previously anticipated as it lowered its Fed Funds rate forecast.

All major indices rose modeslty on the news, with the S&P 500 up 0.2%.

Oil prices finished down, but rose sharply after the Fed statement.

Bond yields also fell on the news.g.

Biotech, cybersecurity, and emerging markets were today's star sectors, and the drop in yields pushed up utilities as well.

In cybersecurity, FireEye (FEYE), Fortinet (FTNT), and Cyberark Software (CYBR) rallied to new 52 week highs, as did the Purefunds ISE Cybersecurity ETF (HACK).

Regional bans and transports fell slightly today.

Mobileye (MBLY) rallied 4.7% after Ron Baron of Baron Capital mentioned on CNBC that the company "essentially has a monopoly" on collision detection chips.

Tesla (TSLA) shares also rose after Baron stated that the expects to see a 10 to 20 times return on his investment in 20 years.

TripAdvisor (TRIP) shares surged 14.7% after announcing a partnership with Marriot Hotels (MAR) which will allow users to book rooms in Marriott hotels.

Ambarella (AMBA) reached a new all-time high of $123.02, continuing its impressive short squeeze.

European markets gave up yesterday's gains. The German DAX closed down 0.6%, and France's CAC tumbled 1%. Bond yields were mixed, the 10-year German bund rose 1.1 bps, while the French 10-year yield fell 1.6 bps. However, UK yields rose sharply after the Bank of England said it expects inflation to rise.

Asian markets were all over the place as well. The Nikkei fell 0.2%, and the Hang Send Index lost 0.7%. The Shanghai Composite gained 1.7%, and the Australian ASX 200 rallied 1.08%.

Thursday's Financial Outlook

US economic data for tomorrow will include the current account balance for Q1, CPI reports for May, jobless claims, real average weekly earnings, the Philadelphia Fed Business Outlook, leading index, and EIA natural gas reports.

Overseas economic data will feature the Swiss trade balance, Swiss 3-month Libor target, Swiss CNB sight deposit rate, the European Central Bank economic bulletin, Britian's retail sales, and Bank of Japan's policy statement and press conference.

Kroger (KR), and Rite Aid (RAD) will announce earnings before the open. After the close, Red Hat (RHT) will release its earnings.
No positions in stocks mentioned.
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