Leading up to the result of the Fed’s two-day meeting today, US equity markets have been flat. First quarter US GDP growth figures were reported by the Bureau of Economic Analysis at 0.1%. In addition, the ADP National Employment Report for April shows 220,000 new workers were added to the domestic private labor market. “The monthly Fed bond buying program is expected to be reduced by $10B to $45B at the conclusion of today’s Federal Reserve meeting. The 0.1% first quarter US GDP growth figure was lower than analyst expectations, in part due to the unusually cold winter,” said David Krein, Head of Research, NASDAQ OMX Global Indexes.
INDEX MOVES THIS WEEK
- NASDAQ BIOTECHNOLOGY INDEX (NBI) is up 1.41% since Friday’s close. Year-to-date performance for the index is up 0.26% after being up north of 20% at the end of February.
- PHLX GOLD/SILVER SECTOR (XAU) was down 0.72% as of noon on Wednesday. The price of gold is currently $1,293 per ounce, down $7 this week.
- NASDAQ CLEAN EDGE GREEN ENERGY (CELS) is down 3.18% this week. Linear Technology, First Solar, Tesla Motors, Cree and SolarCity are the five largest holdings in the index.
INDEX TO WATCH
- The price of Kansas Wheat futures has grown 34% since the end of January rising to $8.07. Track the space by monitoring the NASDAQ Commodity Kansas Wheat Index ER (NQCIKWER). The index is up 3.0% this week.