Monday, September 16, 2024

S&P inches up, Nasdaq declines as tech weighs ahead of Fed decision

S&P inches up, Nasdaq declines as tech weighs ahead of Fed decision

By Chuck Mikolajczak

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

9-16-24 6:31 pm S&P inches up, Nasdaq declines as tech weighs ahead of Fed decision | Reuters


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