Major averages rose on lower volume with the S&P 500 closing above its 50dma as the NASDAQ Composite did the prior day.
The Federal Reserve kept rates unchanged. It gave no clue as to a rate hike at its next meeting in September but remained upbeat on the economy. "The labor market continued to improve, with solid job gains and declining unemployment," the Fed said in its statement. The vote to leave rates alone was unanimous. Fed policymakers next meet on Sept. 16-17. Futures traders put the probability of a rate hike at 59% in December if U.S. growth remains on an upswing. That is still a big "if" since the global economy remains fragile. That said, US markets have historically undergone corrections typically 4-6 months ahead of the first hike, thus if the first hike came 4-6 months from now, that would put it either at the end of the year, or early 2016, presuming the market undergoes a meaningful correction (beyond -10%).
Apparel retailer SKX had another pocket pivot on a strong earnings report. Earnings continue to skyrocket, group rank 4. We have reported on SKX a number of times.
Market Lab Report - Premarket Pulse 7/30/15
| Published: | 30 Jul 2015 10:05 ET |
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