S&P inches up, Nasdaq declines as tech weighs ahead of Fed decision
Mon September 16, 2024 6:31 PM
Growing optimism for a ½ point rate cut on Wednesday boosted the Dow into a new record high but not before all three indexes went into a considerable slump after about 10 a.m. and then starting about 11:30 went into an upward trajectory that pushed the S&P back into positive territory to close within 1% of its all-time high. But demand concerns, particularly from Apple and Nvidia, caused a sell off in the tech stars as investors scrambled to raise quick cash as a hedge against the Fed disappointing on Wednesday. However, the odds of a ½ vs ¼ point cut today went way up to 60:40 as opposed to 15:85 just last Wednesday. Volume came in at 9.74 billion, below the 10.75 average.
DJ: 41.393.78 +297.01 NAS: 17,683.98 +114.30 S&P: 5,626.02 +30.26 9/13
DJ: 41,622.08 +228.30 NAS: 17,592.13 -91.85 S&P: 5,633.09 +7.07 9/16
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