Today in the Market - Wed 08/01
Powered by Apple Inc.'s strong earnings, the S&P 500 index was lifted higher at the open. Registering the day's high at 2825.83 led by Technology and Financial stocks, the index reversed gains as investors remained cautious ahead of the closely watched FOMC (Federal Open Market Committee) statement release. Sentiment was further dampened on renewed trade tensions following news that the Trump administration plans to increase tariffs on Chinese goods valuing to $200 billion to 25% from the previously announced 10%. The index fell sharply alongside the FOMC statement release, registering the day's low at 2805.85 as the Federal Reserve signaled another imminent rate hike. Paring some of the losses as investors digested the Fed announcement, the index closed off session lows at 2813.36, down a slight 2.93 points and losing 0.10% over previous session's close. Energy sector led the day's declines, losing 1.33% in today's session. Oil prices remained vo...