Major indices are mixed or flat in Wednesday morning trading as the Federal Reserve winds up its two day meeting, to be capped by announcements at 2:00 PM. It is generally believed that the Fed will begin to unwind its enormous bond position, and this is depressing prices somewhat in the bond market. This in turn is pushing interest rates higher, which, on paper at least, the relatively stable economy should be able to handle. Bed Bath & Beyond (BBBY) is down 15% after second quarter earnings and revenue both fell short of expectation.
Here are your Wednesday morning market metrics. Industries doing well today include airlines, trading companies, and building products. Industries showing weakness include technology hardware, food products, and softwae. The VIX is down 1.8% to 10.00 after closing on Tuesday at 10.18. The most heavily traded options this morning are for the SPDR S&P 500 ETF (SPY), with 8,386 November-17 258 calls on the board. The total put/call ratio as of 10:00 AM was 1.26 (312,422/392,603). The advancers/decliners ratio for NYSE stocks is 1,639/1,114, while the advancers/decliners ratio for NASDAQ stocks is 1,378/1,241.