Wall St slips with mixed data and earnings ahead of Fed week
By Sinéad Carew and Johann M Cherian
Fri January 24, 2025 4:37 PM
A bag of mixed data including business activity slowing to a nine-month low contrasted with increased hiring which would only support the Fed’s position to slow the pace of rate cuts, all contributed to sending investors into cautionary mode and fence-sitting awaiting next week’s abundant economic news and monthly Fed meeting. All three indexes took a shot down after about the noon hour and going down all afternoon to close with losses, the Dow down 3-digits, the Nasdaq almost that far.
Investors are taking a step back to evaluate Trump’s first week and remaining concerned about possible inflationary consequences of the announced February 1st tariffs. Still all indexes advanced for the second week in a row, all up between 1.5 and 2%. It has been, however, a relatively light week for trading, especially in view of the expectation of really big news next week. Thus volume remains below the 14.9 billion average, coming in today at 14 billion.
DJ: 44,565.07 +408.34 NAS: 20,053.68
+44.34 S&P: 6,118.71
+32.34 1/23
DJ: 44,424.25 -140.82 NAS: 19,954.30
-99.38 S&P: 6,101.24
-17.47 1/24
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