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Markets are bouncing Wednesday afternoon following the Federal Reserve’s decision to cut rates by 0.5%, marking the beginning of the central bank’s highly anticipated cutting cycle.
What To Know: Wednesday’s 0.5% rate cut brings the target fed funds rate to a new range between 4.75% and 5%, down from a 23-year high of 5.25% to 5.5%. It’s also the first rate cut since March 2020.
The fed funds rate has been sitting at a range between 5.25% and 5.5% since the central bank last hiked in July 2023.
The SPDR S&P 500 , which tracks the S&P 500 index, was up 0.39% at last check, led higher by a variety of names like Arm Holdings Plc , The Trade Desk Inc Toyota Motor Corp , General Motors Co and Marriott International .
The materials sector, as tracked by the Materials Select Sector SPDR Fund , was showing the most strength at the time of writing, climbing approximately 0.6% following the Fed decision. The energy sector, tracked by the Energy Select Sector SPDR Fund , was the weakest, down 0.3% following the rate cut. Energy stocks had performed well on Wednesday ahead of the Fed decision, which may explain some of the relative weakness in afternoon trading.
Here’s a look at how various ETFs tracking the price-weighted Dow Jones Industrial Average, tech stocks, small caps, treasuries and gold are faring following the Fed’s latest move.
It’s also worth noting that crypto markets are volatile following the Fed decision on rates. Bitcoin was down 0.86% over a 24-hour period, trading at $60,480, but well off its lows for the day, and Ethereum was down 1.79% at $2,322.
Check This Out: Federal Reserve Delivers Bold 0.5% Rate Cut, Signals Further Easing Ahead
The increased volatility is likely a result of uncertainty heading into the meeting. According to CME’s FedWatch tool, the market was projecting a 61% chance of a larger 0.5% rate cut heading into the meeting versus a 39% chance of a smaller 0.25% cut.
As reported by Benzinga, the updated quarterly Dot Plot, which helps signal the Fed’s future policy intentions, indicates a more aggressive path for rate cuts than previously projected following Wednesday’s 0.5% cut. The median projection now calls for a total of 1% in rate cuts in 2024.
SPY Price Action: At the time of publication, the SPDR S&P 500 was up 0.39%, trading at $565.30, according to Benzinga Pro.
Read Next:
Watch Fed Chair Jerome Powell‘s press conference here:
This illustration was generated using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
NEW YORK, Sept 18 (Reuters) - Marriott International's MAR.O Chief Executive Officer Anthony Capuano said on Wednesday that the company is watching if the slowdown in travel spending from lower-income consumers will hold in the third-quarter.
"In the second-quarter, we saw just a little bit of a pullback on the ancillary spend [on] food, beverage and spa," Capuano said at a travel conference in New York. "We'll watch that over the next couple quarters to see if it was a blip or if they're being a little more judicious in their spending."
(Reporting by Doyinsola Oladipo in New York;)
(( Doyinsola.Oladipo@thomsonreuters.com ; +18623846440; https://www.linkedin.com/in/doyinsolaoladipo/; ))
Keywords: MARRIOTT INTNL-BOOKINGS/ (URGENT)
Wall Street is jittery hours before the highly anticipated Federal Open Market Committee (FOMC) meeting, with all major indices posting modest losses by midday in New York. While a Federal Reserve rate cut is considered a done deal, the market remains divided on the magnitude of the cut.
Current implied probabilities show a 60% chance of a 50-basis-point reduction, while a smaller 25-basis-point cut has lately gained traction, rising to 40% odds, as per CME FedWatch.
The growing expectation of a smaller cut has pushed Treasury yields higher across the curve, reflecting a shift in market sentiment.
Amid this uncertainty, the CBOE Volatility Index (VIX), often seen as the market’s fear gauge, spiked 8%, signaling heightened investor anxiety.
The U.S. dollar steadied, recovering from overnight losses. Commodities retreated, with oil prices down 0.9%, despite a fresh escalation of tensions in the Middle East, and silver slipping 1%. Gold remained flat.
In the cryptocurrency market, Bitcoin declined 1.5%, dipping below the $60,000 mark after a 3.6% rally on Tuesday.
Wednesday’s Performance In Major U.S. Indices, ETFs
Major Indices | Price | 1-day chg % |
S&P 500 | 5,622.28 | -0.2% |
Dow Jones | 41,482.17 | -0.3% |
Nasdaq 100 | 19,369.89 | -0.3% |
Russell 2000 | 2,201.42 | -0.5% |
According to Benzinga Pro data:
Wednesday’s Stock Movers
Read Next:
Image created using artificial intelligence via Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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