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 (NASDAQ: 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 (NYSE: 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 (NASDAQ: 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 (NASDAQ: NVDA), Amazon (NASDAQ: AMZN), and KLA Tencor (NASDAQ: KLAC) also helped support the sector today.