The market cooled in the afternoon after climbing in morning trading. The S&P 500 hit a record high Tuesday morning before falling back, 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%.

Just past 4 pm ET the     $S&P 500 Index (.SPX.US)$ was up 3 bps, the        $Dow Jones Industrial Average (.DJI.US)$ fell 0.04%, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 0.20%.

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."

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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