Stocks on Wall Street ended mostly lower Wednesday, following a negative start for the session. One of the biggest weights at the start of the day came with a bearish opening gap in the shares of FedEx Corp. FDX that had been as low as 168.70 at one point, falling from yesterday’s close of 181.49 – The stock is often viewed as a barometer of global growth prospects – (The logistics company missed Wall Street forecasts for its fiscal third quarter).
Nevertheless, it was trade-war angst, global growth concerns and what the Fed might mean for stocks going forward from today’s outcome. To the contrary of the starting bearish performances, the FOMC was a dovish outcome which lifted the benchmarks from their lows of the day. The Federal Reserve policy signalled it would deliver no rate increases this year and perhaps only one next year. However, financial stocks were feeling the pinch, with a drop in yields, a negative for lenders
Key notes from the Fed:
Federal Reserve cuts 2019 GDP forecast to 2.1% vs 2.3% in December.
The latest median Federal Reserve forecasts
From the statement
Federal Reserve issues FOMC statement – March 20 – full text
DJIA levels
The DJIA is chipping into last week’s winning streak and has been unable to sustain territory above the 26000 level having scored a 26109 yesterday. A continuation to the downside will open a move to 25186 being the 23.6% retracement of the late Dec swing lows to late Feb swing highs.