Stock market today: Dow, S&P 500, Nasdaq slide ahead of Fed meeting kickoff
Published On Dec 17, 2024, 9:32 AM
U.S. stocks are experiencing a decline ahead of the Federal Reserve's anticipated policy meeting, where a 0.25% interest rate cut is expected. The Dow Jones Industrial Average, S&P 500, and Nasdaq Composite all fell by about 0.5%. The market is responding to mixed signals including strong retail sales data but persistent inflationary concerns, which may indicate that the Fed's rate cuts could be limited moving into 2025. Investors are also focused on stock movements like Nvidia, which has recently declined significantly, while crypto-related stocks have seen gains thanks to rising Bitcoin prices.
Stock Forecasts
SPY
Positive
Given the anticipated interest rate cut and mixed economic signals, there may be an increase in market volatility. Stocks may recover following the Fed meeting if the guidance is more dovish, but ongoing inflation concerns could keep an upward trajectory limited.
NVDA
Negative
Nvidia has shown recent weakness and may continue to be under pressure due to competitive market dynamics. If the sentiment around tech stocks is cautious in the wake of broader market pressures, Nvidia may not recover quickly.
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