Friends
As expected, the Fed kept interest rates the same with the Fed Funds rate remaining at 4.25%-4.50%. Fed Chair Powell seemed to indicate that the Fed is pretty comfortable in the position that they are in and will let the data dictate where we go from here. It still appears likely that we will see another rate cut or two in 2025, but when/if they occur is very much up for grabs.
Stocks recovered some after a midday selloff and by the close the Dow Jones Industrial Average was down 136 points to finish the day at 44,713. The S&P 500 was down 28 points to close at 6,039. The Nasdaq Composite Index was down 101 points to close at 19,632. Gold was up $4 to trade at $2,771 per ounce, while oil was down $.98 to trade at $72.79 per barrel WTI.
With the Fed meeting behind us now, let’s refocus on earnings. We get Microsoft and Meta today after the closing bell and Apple tomorrow. In the meantime, the AI panic seems mostly to have passed unless some of the big companies declare they are slashing their capex in the coming quarters. This very fascinating week for the markets continues. Let’s see how the rest of the week plays out.
Have a nice evening everyone.
Jim
