Stock market today: S&P 500 backs away from record as Fed cheer fizzles

Published On Sep 20, 2024, 1:01 PM

The U.S. stock market has shown mixed results as the excitement from a recent Federal Reserve interest rate cut has started to fade. After reaching record highs, the S&P 500 saw a slight decline of about 0.1%, led by a drop in tech stocks. FedEx reported disappointing earnings, causing its stock to plunge, and raising concerns about the economy's trajectory. Investors are worried about whether the Fed's actions will lead to a stable economic recovery, as some predict deeper rate cuts than what the Fed anticipated. Meanwhile, Nike's stock surged after a CEO change, and Constellation Energy's stock spiked after securing a deal to supply nuclear power to Microsoft.

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Stock Forecasts

NKEView NKE chart on TradingView

Positive

The slight decline in the S&P 500 and concerns about FedEx's disappointing earnings might indicate a cautious sentiment among investors. However, the strong performance from Nike following its leadership change may provide some optimistic outlook in the consumer sector.

FDXView FDX chart on TradingView

Negative

FedEx's sharp earnings drop might suggest a potential bearish trend, impacting not just its stock but also reflections on the logistics sector overall. The wider implications of this on the economy and investor sentiment could steer many investors away in the short term.

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