"Premarket, the Voo is looking like it might open 0.1% higher today. How long will that optimism last, though? Perhaps less than 48 hours. In Washington, D.C., today, the Federal Open Markets Committee is discussing its next interest rate move: to cut or not to cut. Most pundits forecast a 25 basis point (that's 0.25% to you and me) cut when the decision is announced tomorrow, so there's unlikely to be a huge bump in stock prices if that's the actual news."
"Toll "missed earnings" by 30 cents, reporting a profit of $4.58 per share where Wall Street expected $4.88. Surprisingly, sales were ahead of forecasts at $3.4 billion. Adding to investor dismay, Toll Bros. said its backlog at the end of Q4 was only $5.5 billion, down 15% from a year ago. This implies weakening demand for new homes. Toll said it has 4,647 homes awaiting building right now, versus 5,996 a year ago."
The Vanguard S&P 500 ETF (VOO) closed down 0.3% as higher U.S. 10-Year Treasury yields tempted investors into bonds, with yields reversing later and premarket showing a possible 0.1% gain. The Federal Open Markets Committee is meeting to consider a potential 25-basis-point cut tomorrow, with most forecasts expecting a small cut but non-action or a hawkish signal likely to trigger market volatility. Toll Brothers reported Q4 profit of $4.58 per share, missing estimates by $0.30, while sales reached $3.4 billion. Backlog fell 15% to $5.5 billion and units awaiting construction declined, signaling weakening demand amid rising home prices.
Read at 24/7 Wall St.
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