S&P 500, Dow close lower as investors await insights on Fed rates, data By Echo Wang

S&P 500, Dow close lower as investors await insights on Fed rates, data

By Echo Wang

Wed September 25, 2024 4:27 PM

Except for the Nasdaq, it was a sharp shot straight down for both the S&P and Dow, the Dow suffering a heavy 3-digit loss on this first day following a streak of record gains. The Nasdaq on the other hand got a big boost in the morning reaching a gain of some 75 points by around 10 a.m. but then started an immediate decline to close near flat. The consensus is that after yesterday’s big rally stimulated by China’s huge stimulus package that it was time to pull back awaiting PCE and jobless claims data due in the next couple days. There remain some concerns that the loosening financial conditions might trigger more inflation. Plus, there’s the fact that valuations remain quite high. Volume was 10.42 billion, below the 4-week average of 11.69 billion. 

 

DJ: 42,208.22  +83.57       NAS: 18,074.52  +100.25      S&P: 5,732.93  +14.36        9/24

DJ: 41,914.75  -293.47      NAS: 18,082.21  +7.68          S&P: 5,722.26  -10.67         9/25

Wed 9-25-24 4:27 pm S&P 500, Dow close lower as investors await insights on Fed rates, data | Reuters