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

Published On Sep 20, 2024, 7:07 AM

The U.S. stock market appears set to retreat from record highs as enthusiasm from the recent Federal Reserve rate cut diminishes. S&P 500 futures fell about 0.3% as investors are reminded of potential growth risks, following disappointing earnings reports from FedEx, which saw a sharp decline in profit, causing a nearly 14% drop in its premarket shares. Meanwhile, Nike's stock rose after announcing a new CEO amid its sales pressures. Overall, investors are cautious, weighing systemic economic risks against the Fed's easing policies.

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Stock Forecasts

FDXView FDX chart on TradingView

Negative

The recent Fed rate cut may have initially boosted stocks, but the disappointing earnings from FedEx suggest underlying economic weaknesses. This could lead to a more cautious investing environment as risks of a potential economic slowdown loom.

NKEView NKE chart on TradingView

Positive

Nike's appointment of a new CEO amidst sales pressure may restore investor confidence, potentially leading to a rebound in its stock price. This could be viewed as a positive restructuring move for the company.

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