Stocks ticked up ever so slightly on Wednesday after the release of the Federal Reserve’s September meeting minutes, which showed that the central bank appears to be close to hiking interest rates.
We’ve got all the headlines, but first, the scoreboard:
Dow: 18,144.20, +15.54, (+0.09%)S&P 500: 2,139.18, +2.45, (+0.11%) Nasdaq: 5,239.02, -7.77, (-0.15%) WTI crude oil: $50.29, -0.50, (-0.98%) 10-year Treasury yield: 1.778%, +0.019. (+1.08%)
The Fed looks ready to raise rates. The release of the Federal Open Markets Committee minutes for the September meeting seemed to point to a rate hike in the near future as the members saw a strong labor market and improving inflation. The Fed is worried about the housing market. As part of the minutes the Fed mentioned the “sluggish” housing market and cited constrained supply as a reason for the slowdown. Job openings fell short of expectations, but there was good news. The JOLTS survey showed the number of job openings in the US came in at only 5.4 million, less than the projected 5.8 million. The quits rate, however, looked solid. Snap took another step closer to its public offering. The social media platform signed on Goldman Sachs and Morgan Stanley to be the underwriters of its huge IPO. The Thai baht has a wild day. The Thai currency tumbled amid reports that the country’s king may be near death. The political instability may pose a problem for the country’s economy according to analysts at Capital Economics because the king has help to hold the country together during two military coups in the past 10 years. Health insurer Humana raised expectations for its quarter. The firm raised its guidance by $0.25 per share. The stock ended down over 5% for the day.