Friends
Stocks gave up early gains in today’s trading session, as market participants brace themselves for tomorrow’s Fed decision on interest rates. It’s hard to tell just what the market wants to hear from the Fed. We are going to see a cut in the Fed Funds rate, but we still aren’t certain whether it’s going to be a quarter point or a half point cut. We will know at 1:00 our time tomorrow.
As for today, by the close the Dow Jones Industrial Average was down 15 points to finish the day at 41,606. The S&P 500 was up 1 point to close at 5,634. The Nasdaq Composite Index was up 35 points to close at 17,628. Gold was down $14 to trade at $2,594 per ounce, while oil was up $1.26 to trade at $71.35 per barrel WTI.
As mentioned, the Federal Reserve will embark on an easing of monetary policy tomorrow. The bond market has been months ahead of the Fed and have taken longer term rates to where the Fed will be taking the Fed Funds rate over the coming months. The question now is a what pace will the Fed enact their rate cuts. Stay tuned.
Have a nice evening everyone.
