Equities rise after Fed minutes; inflation data and earnings in focus
By Sinéad Carew and Lisa Pauline Mattackal
Wed October 9, 2024 5:21 PM
It was a very good day, a shot straight up on all three indexes until about noon when everything became steady until close, both the Dow (also another record close) and Nasdaq ending with nice 3-digit gains and the S&P reaching its 44th record high for the year. The trigger was the September Fed minutes which showed a majority supported a ½ point cut but an even greater majority supported no set timetable for future cuts, specifically not more ½ pointers. This stimulated more confidence that the economy is sufficiently healthy that another ½ point may not be necessary.
This told investors what they wanted to hear, that we’re winning the inflation fight and that we’re going to have a soft landing and possibly no landing (meaning not even a mild recession), brought relief and brought in the buyers. Today’s odds are now around 79% for a ¼ pointer and 21% for holding steady. Thursday brings the CPI report and Friday brings the beginning of Q3 earnings. There is concern about the anti-trust measures possible against Google and whether it might spread to the other tech behemoths. Again, there is some caution with volume coming in below the average of 12.04 billion at 11.09 billion.
DJ: 42,080.37 +126.13 NAS: 18,182.92 +259.01 S&P: 5,751.13 +55.19 10/8
DJ: 42,512.00 +431.63 NAS: 18,291.62 +108.70 S&P: 5,792.04 +40.91 10/9
No comments:
Post a Comment