What went up on Tuesday came crashing down in Wednesday's trading. Despite the S&P 500 and Dow Jones Industrial Average ticking into green territory as of mid-day trading, they retreated following the Federal Open Market Committee's dovish statement.
The S&P 500 fell 1.06% while oil ticked upward following a Reuters report that said Russia and OPEC were planning to discuss production cuts in an effort to raise oil prices.
Energy companies rallied on the news and represented some of the S&P 500's biggest gainers. Chesapeake Energy (CHK) was up over 12% in midday tradiing but pared its gains and closed up 2.82%. Meanwhile, Hess (HES) reported fourth-quarter losses due in part to a 42% decrease in average selling prices for crude oil, The Wall Street Journal reported. Even so, the company posted a 5.86% gain in Wednesday's trading.
Freeport-McMoRan (FCX) was a surprise winner on Wednesday as the stock closed up 10.7%, one day after the company reported losses. The market appears to have conviction in the company's plans to substantially reduce its debt load in 2016.
As for Wall Street's biggest losers, Boeing (BA) and Apple (AAPL) both closed the day in the red.
Shares of Boeing fell 8.93% after the company's 2016 guidance fell below 2015 numbers and analyst projections. The company said it was expecting to post earnings per share between $8.15 and $8.35 for 2016, while analysts polled by Thomson Reuters projected $9.43.
Also on the left coast, Apple fell 6.55% on Wednesday after the company's released earnings on Tuesday, which showed a slowdown in iPhone sales.
Finally, shares of Facebook (FB) closed the day in the red but were up nearly 7% in after-hours trading after the company reported earnings of $0.79 per share on revenue of $5.84 billion, beating Wall Street estimates of $0.68 a share.
On Thursday, Real Money will be watching as Amazon (AMZN), Alibaba (BABA) and Caterpillar (CAT) report earnings.