Stock market today: S&P 500, Dow back away from records as Fed cheer fizzles

Published On Sep 20, 2024, 9:47 AM

U.S. stock markets receded from record highs due to diminished enthusiasm following a significant interest rate cut by the Federal Reserve. The S&P 500 and Dow Jones Industrial Average dipped around 0.3%, influenced by FedEx's disappointing earnings report, which raised concerns about future economic growth. There is increasing uncertainty among traders regarding the Fed's ability to maintain economic stability, further compounded by the potential risk of a market bubble due to heightened pricing in stocks. Meanwhile, Nike's stock rose sharply after announcing a new CEO.

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Stock Forecasts

AI prediction results, not representative of any investment advice.

SPY View SPY chart on TradingView

Negative

The overall sentiment in the market is cautious as benchmarks retreat from record highs, impacted by FedEx's poor performance and concerns over economic growth. This suggests a potential negative outlook for major market ETFs in the short term due to increased volatility.

NKE View NKE chart on TradingView

Positive

Nike's stock climbed significantly after leadership changes that investors view positively. This optimism could indicate continued strength in Nike's market position and growth potential going forward.

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