The Federal Open Market Committee begins its two-day meeting Tuesday morning, and it’s expected to declare the end of its quantitative easing program when it releases its statement Wednesday afternoon.
In the meantime, there are durable goods and S&P/Case-Shiller home price data Tuesday, and a deluge of earnings. BP starts the parade of major oil earnings releases this week when it reports before the bell, and early reports are also expected from DuPont, Pfizer, Whirlpool, Starwood Hotels and Coach. After the bell reports include Facebook, Gilead Sciences, Electronic Arts and Panera.
Stocks traded calmly on the surface Monday, with relatively low volatility. The Dow was slightly higher, up 12 points at 16,817, and the S&P 500 was slightly lower, off 2 points at 1,961. But beneath the surface there was turbulence. Some momentum stocks were sharply lower, like Tesla, off more than 5.5 percent, GoPro, down nearly 10 percent, and Pandora down 3.5 percent. After the closing bell, Twitter joined the momentum losers, falling more than 10 percent on a disappointing forecast.
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