Dow ends down, S&P 500 flat as Powell says December rate cut far from assured
Wed October 29, 2025 7:11 PM
The day started with a bang as the Fed announced the widely expected rate cut and stayed way up most of the day, the Dow zooming over 300 points. Then right around 2:30, Powell made some remarks to take some of the wind out of the sails stating that the other rate cut widely expected in December is now far from certain. All three indexes immediately tanked sending the Dow into the red and the S&P flat. The odds on this third cut has instantly changed from the almost certain 90% to a much more murky 71%.
Q3 earnings continue to impress and basically drive the market with now nearly half of all S&P companies reporting and 84.2% beating estimates, quite a jump from the 77% average. After close, Meta, Microsoft and Google submitted mixed reports, which will likely be reflected in tomorrow’s market since strong Magnificent Seven earnings particularly in regard to AI was expected and needed. At 20.7 billion, volume came in just a tad below the 21 billion average.
DJ: 47,706.37 +161.78 NAS: 23,827.49
+190.04 S&P: 6,890.89
+15.73 10/28
DJ: 47,632.00 -74.37 NAS: 23,958.47
+130.98 S&P: 6,890.59 -0.30 10/29
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