In Today's Update:
1) Stocks closed mostly lower on Wednesday after surprising comments from Trump and the Federal Reserve. The Dow Jones Industrial Average dropped 141.71 or 0.55%, the S&P 500 fell 8.34 or 0.29% while the Nasdaq 100 closed higher by 5.02 or 0.07% and the Russell 2000 finished lower by 11.83 or o.76%.
2) Crude Oil Futures spiked closing higher by $1.09 or 1.85% after an unexpected drop in U.S. Crude Stockpiles while Gold Futures gained another $7.10 or 0.54% on added weakness in the U.S. dollar. The Bond market moved sharply higher after the Fed announcement and the yield on the 10-year treasury note dropped to 2.533%.
3) As expected, the Federal Reserve decided to keep the benchmark funds rate unchanged and indicated that there will be no rate hikes coming this year. The Central Bank also said it will complete its balance sheet roll-off program at the end of September and expects to see a drop in GDP growth and inflation along with a rise in unemployment.