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Fed Ready to Cut, Market Booms, but Data Will Show When | Moovin Stonks
Good morning, traders. Happy Friday, and what a Friday it is! Federal Reserve President Jerome Powell said everything short of 'we are cutting rates in September' at the Jackson Hole, WY Economic Symposium this morning. The market reacted positively, with indexes climbing right up to the shoulder of record highs.
My name is Kevin Travers; here are stories about the U.S. stock market today.
$NVIDIA (NVDA.US)$ climbed 4%, the second highest on the S&P 500 behind $Tesla (TSLA.US)$ up 4% following the Fed news. Other climbers were $Enphase Energy (ENPH.US)$, and $Caesars Entertainment (CZR.US)$, each BLoomberg Radio called leveraged and debt-heavy firms. Solar stocks, also debt-heavy, climbed across the board.
$Intel (INTC.US)$ climbed back 3.9% after falling a similar amount Thursday. $CAVA Group (CAVA.US)$ climbed 15% after surprisingly strong results for the quarter.
$Intuit (INTU.US)$ fell 6% after reporting earnings Thursday night, where the firm beat estimates, but the QuickBooks owner missed expectations for projected revenue growth in the coming first quarter. It was the lowest decliner on the S&P 500.
$Workday (WDAY.US)$'s earnings Thursday in contrast, beat revenue and eps estimates and posted a subscription outlook that beat expectations. The stock climbed 10%.
Within industries tracked by moomoo, Semiconductor equipment was lower following the Intels drop.
Every sector on the S&P 500 was in the green Friday after the Fed news.
$Crude Oil Futures(FEB5) (CLmain.US)$ climbed 2%, $Bitcoin (BTC.CC)$ climbed to $61k, Gold and silver climbed, $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell below 4%.
The market climbed within all-time highs shortly after Powell hit the podium Friday, and embargoed news reports said the Federal Reserve was ready to cut rates. Powell did not specify the timeline of these rate cuts, but he said he was confident the economy was on the way to 2% inflation.
"The time has come to adjust, and the direction is clear," Powell said.
Just past 10:17 am ET the $S&P 500 Index (.SPX.US)$ traded +0.90%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.82%, and the $Nasdaq Composite Index (.IXIC.US)$ climbed 1.36%.
Though Fed Powell's speech did not highlight the timeline for rate cuts, Wednesday FOMC meeting minutes from July paint a short time frame. Members reportedly were ready to cut rates in September if everything stayed the same; some even wanted to cut rates then.
Thursday, U.S. Initial Jobless claims showed that about 232k Americans were newly unemployed, around the forecast and the year average of 220k. Existing home sales came in at 3.95M for July, right around last month's 3.9M. S&P PMI came in slightly higher at 55.2 on Thursday.
Investors are digesting comments made during the Democratic National Committee. Wednesday night, Tim Walz accepted his VP nomination. So far, the Harris campaign has made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate 7% to 28%. President Barack Obama and Joe Biden made an appearance this week.
Interested in Options? To see these stocks and more on the options page, click here. Want to learn more about options? Check out moomoo education with this link. Click here to join our exclusive options chat with personal callouts from our resident expert, Invest with Sarge.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
Disclaimer: This content is for informational use only and is not a recommendation or endorsement of any particular investment or strategy. Indexes are unmanaged and cannot be directly invested into. Investing involves risk and the potential to lose principal. Investment information provided in this content is general in nature, strictly for illustrative purposes, and may not be appropriate for all investors. It is provided without respect to individual investors' financial sophistication, financial situation, investment objectives, investing time horizon, or risk tolerance. You should consider the appropriateness of this information having regard to your relevant personal circumstances, before making any investment decisions. Past performance does not indicate or guarantee future success. Moomoo makes no representation or warranty as to its adequacy, or timeliness for any particular purpose of the above content. The data and information provided has been obtained from sources considered to be reliable, but moomoo does not guarantee that the foregoing material is accurate or complete. See the link in the Moovers Community post for more information.
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Kevin Travers
Moomoo News and Community Manager
Moo moo News and Community Manager, NJ Office.
Fmr CNBC contributor, reporter/investor/trader
Posts do not represent mm
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股海踏浪 : Are you still dreaming? Even cutting interest rates is nothing more than tricking a bunch of idiots into taking over the market. America plummeted
and falling through the C-wave is a natural law that no one can stop.
Kevin Travers OP 股海踏浪 : c wave?
股海踏浪 Kevin Travers OP : Right now, we are in the midst of brewing the sell-off of the large C wave, but hardly anyone can believe it.
BFSkinner Kevin Travers OP : Rate cut of .25 is nothing. Will need 4-5 more cuts before any benefits to the economy. Normally when rates are cut a recession starts
Simon 5183 BFSkinner : Interest rate cuts will revive inflation, and housing prices will soar rapidly
WODAO Simon 5183 : Foreign buyers who have relied on cash to buy houses are rising in housing prices
103539497 : hi
Clement Lemons : okk
EZ_money : ready Freddy
Laine Ford : no comment
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