The market pulled back Friday after the S&P 500 and Dow hit record closes Thursday. Nine out of 11 sectors of the S&P 500 were falling, but energy stocks climbed: in the pursuit of AGI, Microsoft and OpenAI are planning to revive Three Mile Island.
Just past 1:50 pm ET the $S&P 500 Index (.SPX.US)$ fell 0.13%, the $Dow Jones Industrial Average (.DJI.US)$ climbed 0.22%, and the $Nasdaq Composite Index (.IXIC.US)$ fell 0.31%.
The Federal Open Market Committee lowered the target Federal Funds rate by 50 basis points, citing the progress in inflation and slowing job gains. Policymakers took the rate to a range of 4.75 to 5%, noting that the committee has gained greater confidence that inflation is moving sustainably toward 2%.
Futures numbers tracked by CME FedWatch tool expected a 50 bp cut. Based on the Fed's dot plot of rate expectations, they put a midpoint rate target at about 4.4% by the end of 2024, meaning a range of about 4.20%-4.60%, or two 25 bps cuts at each of the next two meetings.
Fed Press Conference Broadcast, Reposted by moomoo
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Yesterday, users said the market finally looked healthy again.
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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