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Aggressive 50bp rate cut: How long will the market frenzy last?
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Moovin Stonks | S&P 500 Hits All-Time High, Intel Pulls Dow Higher

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Kevin Travers joined discussion · Sep 17 10:14
Moovin Stonks | S&P 500 Hits All-Time High, Intel Pulls Dow Higher
Happy trading, it is Tuesday, September 17th. The market climbed, and the S&P 500 hit an all-time Tuesday just past 10:45 am ET, one day before the most exciting FOMC monetary policy meetings for years, with investor hype expecting at least the first 25 bp rate cut -0.25%.
My name is Kevin Travers; here are stories about the U.S. stock market today.
$Hewlett Packard Enterprise (HPE.US)$ rose 6%, the highest on the S&P 500 after Bank of America Anlysts upgraded shares to a Buy, mentioning cost cuts and the acquisition of $Juniper Networks (JNPR.US)$. HPE said it would by the networking company for $14 in January and announced the sale of 27M Series C shares to finance the deal with $1.32B cash last week. Jim Cramer also mentioned HPE as a buy Monday night on CNBC.
$Virgin Galactic (SPCE.US)$ fell 7% Tuesday after Morgan Stanley analysts slashed their price target from $35 to $5 in a note that said the firm's last near space flight was in June. A Seeking Alpha analyst Jason Ditz issued a sell rating in August, saying there is no indication management will improve the firm's business model.
$Intel (INTC.US)$ climbed 7% Tuesday, the highest on the Dow after CEO Pat Gelsinger said Monday the firm bagged a multi-year, multi-billion-dollar U.S. chipmaking deal with $Amazon (AMZN.US)$ alongisde the award of a $3 billion CHIPS and Science Act grant. The grant is supported by the Department of Defence for protecting domestic production. Intel also proposed selling its semiconductor foundry business for cash.
$Amazon (AMZN.US)$ also climbed on Tuesday in part after the firm announced that employees would return to the office five days a week. Intel is also exploring the foundry business spinoff into a publicly traded company, CNBC cited a familiar source.
Moovin Stonks | S&P 500 Hits All-Time High, Intel Pulls Dow Higher
$Crude Oil Futures(DEC4) (CLmain.US)$ climbed 94 bps, $Bitcoin (BTC.CC)$ rose over $60k, gold fell but silver climbed abovoe $30.     $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ climbed.
Just past 11:13 am ET the     $S&P 500 Index (.SPX.US)$ climbed 49 bps, the       $Dow Jones Industrial Average (.DJI.US)$ fell 0.34%, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 0.81%.
Moovin Stonks | S&P 500 Hits All-Time High, Intel Pulls Dow Higher
In macro, investors are looking toward the Wednesday FOMC Monetary Policy meeting, where the Treasury Futures market expects rate cuts, according to the CME FedWatch tool.
On Monday, Former President of the New York Federal Reserve Bill Dudley wrote in Bloomberg Opinion that the FED should go for larger cuts on Wednesday.
"As I noted last Friday at a Bretton Woods Committee conference in Singapore, the logic supporting a 50-basis-point cut is compelling," he wrote. He said inflation is lower, and jobs are still secure, "Yet short-term interest rates remain far above neutral. This disparity needs to be corrected as quickly as possible."
Moovin Stonks | S&P 500 Hits All-Time High, Intel Pulls Dow Higher
Tuesday, U.S. August retail numbers came out from the Census Beuro and showed the total value of retail sales increased 0.1% month over month, and 'core' sales excluding food services, auto, building materials, and gasoline. Mark Strieber from FHN Financial said some categories fell from price declines- but the figures indicate household demand is still resilient.
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Yesterday, users talked about rate cuts and how they might affect or not affect their investments.
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!
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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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