The markets bounced back slightly from yesterday's drop as the focus starts to shift to the Federal Reserve. Traders have factored in a 94.4% chance of a rate hike tomorrow of 25 basis points, though the real focus will be on their projections going forward. The Dow 30 added 118, the S&P 500 gained 4, and the Nasdaq 100 added 20. The official announcement comes tomorrow afternoon.
Shares of Oracle (ORCL ) weighed on the tech space today despite the company reporting earnings and revenue that were better than Wall Street's expectations. The bearish sentiment came after the company announced a future forecast that disappointed investors. Shares were lower on the day by 9%, trading back to the low end of it's nearly year long range.
Facebook (FB ) shares were lower again today as the data scandal continues to grab media headlines. The stock fell another 2.5% today which brings the two day total to -9%. The concern today was weather the personal data usage violated an FTC agreement the company signed in 2011. If so, the violation could cost Facebook as much as $40,000 per violation. Facebook maintains that the data violations are "abuse on the part of Cambridge Analytica," and the app's original developer Aleksandr Kogan.
Adobe (ADBE ) shars broke to new, 52 week highs today, adding 3.5% in the process. The stock was the leader in the Nasdaq 100 today as tech stocks try to recover from yesterday's beating. Other tech names like Nvidia (NVDA ), Amazon (AMZN ), and KLA Tencor (KLAC ) also helped support the sector today.