At some point today, the Fed Monetary Policy report will be submitted to Congress. The Federal Reserve Act requires the Federal Reserve Board to submit written reports semiannually to the Senate Committee on Banking, Housing, and Urban Affairs, as well as the House Committee on Financial Services. Outside of the report, Chicago Fed President Charles L. Evans is scheduled to speak. Investors will be interested to see how much support or resistance St.
Another confusing market signal is coming from oil prices. Russia and Ukraine are big players in petroleum and unrest should cause big issues for oil supplies. However, oil prices have fallen the last three days in a row, dropping nearly 6%. Thursday’s falling oil price could be a result of talks between the United States and Iran that could remove some sanctions on Iran that would allow them to start selling oil outside of their borders in the near future.
Investors got defensive with consumer staples staying in the green most of the day. Companies that are needed in all economic conditions were able to rally. For example, Coca-Cola and Procter & Gamble closed 2% and 1.15% higher respectively. Utilities were also able to close in the green, while all other sectors closed in the red. Technology, consumer discretionary, and financial stocks were worst performers.A few stocks are moving this morning.