Wall Street Stumbles Amid Mixed Market Indicators
Wall Street experienced a mixed session with the S&P 500 hovering near a record high due to investor anticipation of economic indicators and potential interest rate reductions. Energy stocks led declines while tech stocks, especially Nvidia, saw gains. Upcoming economic data could influence market sentiments further.
Wall Street's main indexes presented a mixed picture on Wednesday, with the S&P 500 teetering near a record high as investors eagerly awaited fresh economic indicators and speculated about upcoming interest rate cuts.
The Federal Reserve's recent rate cut buoyed the indexes, but weak consumer sentiment added caution regarding labor market health. Treasury yields increased on concerns that easier financial conditions might spur inflation.
Market sentiment fluctuated as odds for a 50 basis point rate cut at the Federal Reserve's November meeting rose to 57.4%, according to the CME Group's FedWatch Tool. "The Fed hints at further cuts this year and into 2025, but the market seems to expect an even more aggressive approach," stated Scott Welch, chief investment officer at Certuity.
(With inputs from agencies.)
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