Wall St indexes end lower after Powell erodes hopes for December rate cut
By Sinéad Carew and Lisa Pauline Mattackal
Thu November 14, 2024 4:31 PM
All it took was the smallest hint from Powell today that the Fed “need not rush to ease monetary policy” to send all three indexes on a steady stream downwards from the open with both the Dow and Nasdaq going into 3-digit losses. The Richmond Fed prez also remarked that the possible coming tariffs could make the Fed more cautious. So, despite the fact that PPI came in almost exactly the same as yesterday’s CPI which propped up enthusiasm, today that same enthusiasm got squashed with the odds of a December rate cut falling to 62% vs yesterday’s 85% vs Monday’s 59%.
It also didn’t seem to matter that this week’s jobless claims dropped to 217,000 which is lower than forecast. Today’s bottom line seems to be that “last week’s post-election rally has been waning as focus has also turned to potential inflationary pressures from Trump policy changes.” Volume remains somewhat above the 4-week average of 13.68 billion, today coming in at 15.34 billion, but the gap is gradually closing.
DJ: 43,958.19 +47.21 NAS: 19,230.74
-50.56 S&P: 5,985.38
+1.39 11/13
DJ: 43,750.86 -207.33 NAS: 19,107.65 -123.07 S&P: 5,949.17 -36.21 11/14
No comments:
Post a Comment