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<US Mkt>DJIA, S&P 500 Break Peaks Post Rate Cut but Lack Follow-Through; 3 Major US Stock Indexes Close Down 0.3%
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The Fed announced a significant rate cut of half a percentage point on Wednesday, marking the first easing policy in four years, and another 50 bps cut is expected by the end of this year. Despite the market cheering the news initially, US stocks turned negative by the close. The DJIA surged to break above the peak after the rate cut announcement, reaching a peak of over 41,981, up as much as 375 points. However, following Jerome Powell's remarks, the DJIA's gains narrowed and it turned negative, closing down 103 points, or 0.3%, at 41,503. The S&P 500 also hit a new high post-announcement, peaking at 5,689 before trending downward. It eventually closed down 16 points, or 0.3%, at 5,618. The Nasdaq fell 54 points, or 0.3%, to close at 17,573. Bank stocks' gains narrowed, with SPDR S&P Bank ETF (KBE.US) closing slightly up by 0.4%. The Committee on Foreign Investment in the US reportedly approved the review of Nippon Steel's acquisition of United States Steel (X.US) to be postponed until after the November elections, leading United States Steel's stock price to rise by 1.5%. Intel (INTC.US) dived over 3%. NVIDIA (NVDA.US) dropped nearly 2%. ASML (ASML.US) declined over 2%. Apple (AAPL.US) grew nearly 2%. Federal Reserve Chairman Powell emphasized at the post-meeting press conference that the dot plot projections are not policy plans, stating that the central bank has not pre-set any policy path and will continue to make decisions at each meeting. AAStocks Financial News |
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