The markets traded in a wild range today as the Federal Reserve made their rate decision to leave rates unchanged. The markets responded to their decision along with comments that the overall economy is slowing and that they would move to a 0 rate hike approach for the rest of the year. This sent the Dow 30 from down triple digits to positive on the day only to finish in the red by 145. The S&P 500 traded in a similar fashion and also closed lower on the day, losing 8 points. The Nasdaq stayed positive and was able to post a gain of 5.

Sector News

The announcement by the Fed to leave rates unchanged for the rest of the year sent Treasury yields sharply lower. The 10 year hit its lowest rate of the year and long-term rates hit their recent lows.

The news also pushed banks lower on the day. The (XLF  ) saw its second worst day of the year (yesterday being the worst) but technical traders note the uptrend is still intact. Regional banks were the biggest loser, breaking under their 50-day moving average for the first time since January.

Transportation (IYT  ) was the weak spot today thanks mostly to weakness in FedEx, which reported earnings. The transportation sector broke under the 50-day moving average after stalling at the 200-day moving average just yesterday. For the year the sector is still higher by about 10%. FedEx makes up about 10% of the IYT.

Stock News

FedEx (FDX  ) was a big focus today as the company reported earnings that missed analyst expectations. Revenue was also worse than expected and the company cut its 2019 outlook again after doing so last earnings report as well. The company cites a slowing global economy as the driving factor for the miss.

Boeing (BA  ) shares were higher today as an analyst said Boeing was a buy as the 737 Max jet is "too big to fail" for Boeing, as well as the transportation industry. Shares moved off their lows today, at one point being only one of three names in the Dow to show positive gains.

General Mills (GIS  ) shares broke out of a range today as the comapny reported earnings that came in much better than expected ($0.83 vs $0.69) along with revenue that was higher than expected. The company announced guidance that was also slightly better than expected, which helped fuel today's rally.