EB Daily Market Report - Brief Update - Wednesday, June 17, 2026

Well, we're moments away from the latest FOMC policy decision, so I wanted to provide a quick market update.

The S&P 500 and NASDAQ are almost exactly even on the session, with very little movement higher or lower on the session.  Mid caps (MDY, +0.58%) and small caps (IWM, +1.12%) are showing strength, while transports ($TRAN, -1.57%) are notably weak.

Among sectors, technology (XLK, +1.28%) and industrials (XLI, +1.12%) lead the pack.  To the downside, communication services (XLC, -1.88%) and consumer staples (XLP, -1.58%) are the unfortunate leaders.  Semiconductors ($DJUSSC, +2.53%) gapped up on the session and are hanging onto those gains - at least for now.  Max pain is an issue for many of the large cap components in this space after monstrous runs to the upside over the past 2-3 months.

I'm most interested today in seeing what type of market reaction we get after the Fed's first meeting led by new Fed Chief Warsh.  It's very unlikely that we'll see any change in interest rates, but Warsh might provide clues about how this Fed will proceed on a forward-looking basis that might suggest whether we should expect more dovish or hawkish behavior and also how much communication we'll likely see from the Fed.

Anyhow, we'll know soon enough as we're just a couple minutes away from the latest FOMC announcement.

Happy trading!

Tom