U.S. equity markets were mixed as investors awaited the latest policy decision from the Federal Reserve.

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The Dow Jones Industrial Average gained 86 points, or 0.31%, in the opening minutes of trading while the S&P 500 and the Nasdaq Composite were 0.34% and 0.24%, respectively.

TickerSecurityLastChangeChange %I:DJIDOW JONES AVERAGES28196.45+200.85+0.72%SP500S&P 5003408.71+7.51+0.22%I:COMPNASDAQ COMPOSITE INDEX11146.748217-43.58-0.39%

The Federal Reserve is widely expected to keep interest rates and policy on hold as it continues to monitor the U.S. economy’s rebound from the sharpest slowdown of the post-World War II era.

Looking at stocks, financial were among the leaders as traders awaited the Fed's decision.

TickerSecurityLastChangeChange %BACBANK OF AMERICA CORP.25.72+0.45+1.78%JPMJP MORGAN CHASE & CO.100.76+1.49+1.50%CCITIGROUP INC.46.28+1.47+3.27%

Energy shares also gained as Hurricane Sally produced two feet of rain as its made landfall on the Alabama coast and worked its way through the Florida Panhandle.

The slow-moving storm caused West Texas Intermediate crude oil to climb $1.80 to $40.08 a barrel and RBOB gasoline to jump 4.15 cents to $1.1796 a gallon as a number of refineries were at risk of flooding and remaining idled.

TickerSecurityLastChangeChange %XOMEXXON MOBIL CORPORATION37.65+1.38+3.79%CVXCHEVRON CORP.78.67+2.31+3.03%

Meanwhile, mega-cap tech stocks that have driven the market, including Apple Inc., Amazon Inc. and Tesla Inc. traded lower.

A CFIUS decision on Oracle Inc.’s “trusted tech partnership” with Chinese-owned social media app TikTok is imminent.

TickerSecurityLastChangeChange %AAPLAPPLE INC.113.17-2.37-2.05%AMZNAMAZON.COM INC.3,127.80-28.34-0.90%TSLATESLA INC.445.16-4.60-1.02%ORCLORACLE CORPORATION61.23+0.29+0.48%NKLANIKOLA CORPORATION33.34+0.51+1.54%

Nikola Corp. shares remaind in focus as investors continued to digest a report from short-seller Hindenburg Research that accused the electric-truck maker of fraud. Nikola, which has called the claims “false and deceptive” is under investigation from the U.S. Securities and Exchange Commission.

Elsewhere, Eli Lily reported its COVID-19 antibody treatment’s mid-stage trial reduced the hospitalization rate for patients diagnosed with mild or moderate cases.

A law firm hired by the Eastman Kodak Co.’s board of directors said securities transactions made by CEO Jim Continenza upon learning about a $765 million government loan to aid a pivot into producing generic drug ingredients did not violate internal policies. The situation remains under investigation by the U.S. regulators and Congress.

TickerSecurityLastChangeChange %LLYELI LILLY & COMPANY151.26+1.29+0.86%KODKEASTMAN KODAK CO.8.44+2.19+34.96%

Dow component Boeing Co. made a number of missteps in the certification of the 737 Max aircraft that lead to two deadly crashes, according to an 18-month long investigation conducted by a U.S. House panel.

Looking at earnings, FedEx Corp.’s quarterly profit rose 60% from a year ago to $4.87 a share, boosted by a surge in online shopping due to COVID-19. The parcel delivery service said it will raise shipping rates by 4.9% to 5.9%, beginning in January.

TickerSecurityLastChangeChange %BABOEING COMPANY168.55+5.02+3.07%FDXFEDEX CORPORATION249.35+12.67+5.35%

U.S. Treasurys were little changed with the yield on the 10-year note holding near 0.675%.

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European markets were quiet with Britain's FTSE off 0.44%, Germany’s DAX up 0.29% and France’s CAC higher by 0.13%.

In Asia, Japan’s Nikkei edged up 0.09% as Yoshihide Suga was elected the country’s prime minister. Elsewhere in the region, Hong Kong’s Hang Seng slipped 0.03% and China’s Shanghai Composite shed 0.36%.

Source Link:
https://www.foxbusiness.com/markets/us-stocks-sept-16-2020

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