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Powell said it's time to cut: Will the market go wild?
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FOMC Members Ready to Cut Rates In Sept

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Moomoo Recap US joined discussion · Aug 22 04:32
FOMC Members Ready to Cut Rates In Sept
The market climbed after feeling the first day of pullback in nearly two weeks the day before.
Just after 4 pm ET the   $S&P 500 Index (.SPX.US)$ climbed 0.42%, the     $Dow Jones Industrial Average (.DJI.US)$ traded +0.14%, and the   $Nasdaq Composite Index (.IXIC.US)$ climbed 0.57%.
Investors are digesting retail earnings and the tail end of tech reports, alongside comments made during the Democratic National Committee, where the Harris campaign made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate 7% to 28%. Presdient Barack Obama made an appearance, as well as Joe Biden.
MACRO
Most top Federal Reserve officials believed they should cut interest rates in September if inflation continued to slow, and the labor market got any weaker.
"The majority overserved that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the minutes of the Fed's July 30-31 meeting said.
"Several" Fed officials even said they would have supported a rate cut at the July meeting. Instead, the Fed unanimously opted to leave interest rates at a 24-year high to ensure inflation was slowing.
Investors are also awaiting Powell's speech in macroeconomics at Jackson Hole, Wy, this Friday at 10 am ET; catch it live on moomoo with our broadcast and commentary.
SECTORS
$Crude Oil Futures(FEB5) (CLmain.US)$ climbed from two-week lows of about 1.78%, following an EIA Crude Oil inventory report that said U.S. Firms cut supply in the last week by 4.6M barrels.
FOMC Members Ready to Cut Rates In Sept
$Bitcoin (BTC.CC)$ climbed to $61k hovering near the $60k level still, Gold pulled back from its high.     $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ fell, and remained below 4%, and the     $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ fell.
MOOVERS
Snowflake $Snowflake (SNOW.US)$ reported quarterly earnings of $0.18 per share, which beat the analyst consensus estimate of $0.16 by 12.5 percent. Still, the stock fell after hours when the full-year guidance was raised  to expectations but not surpassing them.
$Target (TGT.US)$ Target shares started the trading day up by 11% after the retailer's second quarter earnings beat estimates by 18%, helped by increasing store traffic and rising digital comparable sales. The excitement in the stock market spilled into the options market, sending the price of the $170 calls to as high as $3.20.
In contrast, Macy's   $Macy's (M.US)$  fell 12% and trimmed its full-year guidance reporting its own earnings Wendsday, saying that sales slipped 3.8% to $4.94 billion,  below estimates of $5.05 billion.
American Express   $American Express (AXP.US)$ fell 2%, the lowest reaching stock on the Dow, after it received a downgrade from Bank of America analysts based on current consumer spending expectations.
$PagSeguro Digital (PAGS.US)$ PagSeguro fell 14%, the lowest on the Russell 2000 after the firm reported earnings.
Walmart   $Walmart (WMT.US)$ sold its entire stake in Chinese e-commerce firm JD.com   $JD.com (JD.US)$, sendingthe stock falling 4%. Bloomberg News reported that Walmart sold 144.5 million shares for $24.95 per share, or about $3.6 billion.
$PROCEPT BioRobotics (PRCT.US)$ Property BioRobotics was the highest climber on the Russell 2000, up 28% after the firm announced an FDA clearance for its new surgical robotics 'HYDROS system.'
and Joe Biden made an appearance
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.
Word from the herd: Mooers, what are you watching?
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