Wednesday’s big stock stories: What’s likely to move the market in the next trading session

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Here’s what CNBC TV’s producers were watching during Tuesday’s trading and what’s on the radar for the next session.

• The Federal Reserve’s interest rate decision comes out at 2 p.m. Eastern on Wednesday. CNBC TV’s Steve Liesman will be watching it closely.
• DoubleLine Capital’s Jeffrey Gundlach told CNBC’s Scott Wapner at the Future Proof investment conference on Tuesday that “the Fed needs to cut rates by 150 basis points pretty quickly.” He went on to say, “I think they are going to start with 50 basis points tomorrow.”
• Ahead of the Fed’s decision, the 10-year Treasury note is yielding 3.64%.
• The two-year Treasury note is yielding 3.6%.
• The one-year Treasury bill is yielding 4.02%.
• The six-month T-bill yields 4.58%.
• The three-month T-bill yields 4.87%.
• The one-month T-bill is yielding about 4.93%.
• The SPDR Bloomberg High Yield Bond ETF (JNK) is yielding 6.45%.
• The iShares iBoxx High Yield Corporate Bond ETF (HYG) yields 5.84%.
• The iShares 0-5 Year High Yield Corporate Bond ETF (SHYG) is yielding 6.64%.
• The Fidelity Corporate Bond ETF (FCOR) is yielding 3.95%.

• Weekly mortgage applications will be in at 7 a.m. Housing starts and building permit data are up at 8:30 a.m. CNBC’s Diana Olick will cover the industry Wednesday.
• The SPDR S&P Homebuilders ETF (XHB) hit a new high on Tuesday.
• It is up about 8% in a week and 10.6% in a month.
• Hovnanian is up 17% in a week. LGI Homes is up about 16% in a week. Installed Building Products is up 15% in a week.
• KB Home is up about 8% in a week.
• Toll Brothers is up 7.6% in a week.
• Pulte is up roughly 6% in a week.

• “Fast Money” did a good bit led by chartmaster Carter Worth Tuesday night.
• He chartered three defensive sectors: utilities, real estate investment trusts and consumer staples. He compared them to the S&P 500 and showed them vastly outperforming, about as “far above trend using the 150-day moving average than at any time on record.”
• The S&P utilities sector currently has a relative strength index of 76. An RSI reading above 70 generally means that a security is overbought. It’s no guarantee that it’s about to fall. Rather, the RSI is just one metric traders look at when determining how fast an asset is moving one way or the other. An RSI below 30 generally means that the asset is oversold.
• Utilities are up 25% in six months. The S&P tech sector is up more than 12% in six months.
• The S&P real estate sector also has an RSI above 70. It is up roughly 18% in three months, while tech is down 4.5% in that same time period. 

• Visa, Mastercard and American Express all hit 52-week highs today.
• Visa is up 9% in a month.
• Mastercard is up about 7% in a month.
• American Express is up 5.4% in a month.

• There were new highs for the S&P 500 and the Invesco S&P 500 Equal Weight ETF (RSP).
• The RSP is up 3.4% in a month and up 7% in three months.
• The SPDR S&P 500 ETF (SPY) is up 1.6% in a month and about 3% in three months.
• The Invesco QQQ ETF (QQQ) is 6% from the July 10 high. It is up 3.2% in a week and flat in the last month. It’s down 2.4% in three months.
• The First Trust Nasdaq-100 Equal Weighted Index Fund (QQEW) is 3.8% from the July 16 high. It’s up 2.5% in a week and flat in a month. The fund is down 0.9% in three months.

• The consumer brands company is up 12.4% in the past three months.
• General Mills reports Wednesday morning before the bell.
• The stock is paying a 3.2% dividend as of Tuesday’s close.