Nasdaq Catches Its Breath on Rate-Hike News, Cybersecurity Stands Alone Ahead of FOMC

Right now the S&P 500 sits at 7,610.24 (+0.32%) and the Nasdaq at 26,164.60 (+0.70%), both still holding onto gains. But compared to my last briefing, the upside has narrowed — S&P down 0.14 points, Nasdaq down 0.19 points — so the early morning's urgency has cooled off a notch.

Behind it all: August retail sales came in stronger than expected, confirming the economy isn't cooling off, while Goldman Sachs flagged that this FOMC should bring a 0.25-point hike and then stop there. Sector-wise it's uneven though — cybersecurity names are the only ones grinning, copper/minerals and semis are dragging, and the won slipping to 1,345.61 adds its own weight. Yesterday's Korean session, where the KOSPI jumped 1.37%, hasn't quite carried over into today's US session — the gains here are staying more subdued.

With about three and a half hours left before the close, the FOMC decision is the thing to watch. Whether today's mild rally holds or wobbles depends on how hawkish or dovish the tone is on what comes after this expected 25bp hike. My holdings, for the record, are sitting at ConocoPhillips +6.2%, Microsoft +25.0%, NVIDIA +1.2%, and Freeport-McMoRan +4.0% in unrealized gains.