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The market was little changed this Monday ahead of the FOMC meeting tomorrow and Wednesday. Both the Dow and the S&P 500 were essentially flat while the Nasdaq ended the session lower by less than 1%. There was little economic news but we did get two small M&A deals in the agriculture and waste management sectors. Over the weekend, little surprise could be found in the Saudi meeting, which basically gave the crude price a green light to move higher.
Commodities especially energies were among the best performers. On the loser’s side, we have names like financials, transportations and consumer cyclicals. The CRB commodity index was unchanged as strengths in energies and industrial metals were offset by weaknesses in agricultures and precious metals. The US dollar was moving higher against most major currencies while treasuries were losing ground ahead of the FOMC meeting. It should be noted that most credit derivatives have seen their spreads jump during the past two weeks, indicating more turmoil (or more potential write-downs) in the credit market. The VIX was little changed in today’s session. The breath was decisively negative.
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