The markets sold off today after the Federal Reserve announced it would likely raise rates again in October, and would begin its balance sheet unwinding. The markets were slightly positive heading into the report, traded lower on the news, but were able to mostly close higher. The Dow 30 gained 39, the S&P 500 added 1, but the Nasdaq 100 sold of 5, thanks to weakness in the tech names. Tomorrow investors will get a look at unemployment claims along with manufacturing numbers.
Bed Bath & Beyond (NASDAQ: BBBY) shares traded lower by a whopping 15.87%, making new lows in the process as the company reported earnings today that missed analysts expectations. The report showed that both profit and revenue missed expectations along with same-store sales. In addition the company announced weak guidance going forward which further pushed the stock lower. Shares are now lower on the year by over 40%, trading at lows.
FedEx (NYSE: FDX) shares broke out to new highs today despite reporting earnings that missed by 58 cents. The shipping company also cut its forecast going forward citing a "negative impact of Hurricane Harvey" and the recent cyber attack that hit TNT Express. Shares were up 2.10% today and now show a gain of over 15% on the year.
Amazon (NASDAQ: AMZN) was in the headlines today as a report was posted that said Amazon is working on its first wearable device, a pair of "smart glasses." The report said that the glasses will allow users to speak directly to Alexa. The glasses, like others in development, use a bone-conduction audio system to allow users to hear Alexa without having to use headphones. Shares were slightly higher today, trading up 0.33%. For the year Amazon is trading right around the 30% mark.