Stocks had a decent "Fed day," albeit with prices oscillating like an EKG. The FOMC, as expected, left the fed funds target range at 4.25%-4.5%. Expectations have dropped to there being three 25-basis-point rate cuts by the end of the year, according to the CME FedWatch Tool. That's down from four cuts about a week ago. The two-year Treasury has jumped to 3.76% from 3.56% last week, as the market has priced in one less cut. Turning to sectors, Utilities are leading in 2025 with a 7.4% gain; Consumer Staples is second, up 4.2%; Real Estate has gained 2.8%; Financials tacked on 2.7%; and Industrials is up 2%. Consumer Discretionary is the weakest, down 11%; Information Technology is next, off 7%; and then comes Energy, down 5.3%. Still, over the past month, IT is leading with an almost 18% surge. Meanwhile, Industrials, Financials, Communication Services, Consumer Discretionary, Utilities, Real Estate, and Materials have all popped between 9% and 14%. It's been quite a comeback for many sectors, industries, and individual stocks. Looking at the Bullish Percent Index (BPI) of the 11 S&P 500 (SPX) sectors, or a breadth indicator based on the percentage of stocks in an index that are on point-and-figure buy signals, we see that the Nasdaq 100 (QQQ) has jumped to a BPI of 76% from an extremely depressed 6% on April 8, while the SPX has increased to 69% from 12%. Jumps like this in a short period of time are considered bullish breadth thrusts. Information Technology sits at the top, with a BPI of 87%, and is followed by Financials (78%). Industrials and Real Estate are at 75%. There are four sectors (Communication Services, Consumer Staples, Healthcare, and Energy) in neutral territory between 50% and 55%. (Mark Arbeter, CMT)

Quanta Services provides infrastructure solutions for the utility, renewable energy, communications, pipeline and energy industries. It operates through the following segments: Electric Power Infrastructure Solutions, Underground Utility and Infrastructure Solutions, and Renewable Energy Infrastructure Solutions. The Electric Power segment provides network solutions for customers in the electric power industry. The Underground Utility segment provides infrastructure solutions for the development, transportation, distribution, storage, and processing of natural gas, oil, and other products. The Renewable Energy segment helps to build and maintain wind, solar, and hydropower generation facilities as well as battery storage facilities. PWR has a market cap of $47.5 billion.

Stocks are moderately lower at midday. Earnings continue with another peak week. The Fed meets, makes a call on rates, and Chairman Powell will hold a press conference to discuss the Fed's view on where the economy and rates are headed. That's on Wednesday. The yield on the 10-year Treasury note is 4.35%. Oil has fallen below $57 per barrel.

Quanta Services is a leading provider of specialty contracting services, delivering comprehensive infrastructure solutions for the electric and gas utility, communications, pipeline, and energy industries in the United States, Canada, and Australia. Quanta reports its results under two segments: electric infrastructure and underground utility and infrastructure.