Stocks set for banner week as jumbo Fed rate cut odds surge

Published On Sep 13, 2024, 4:11 PM

US stocks rose on Friday, with the S&P 500 up 0.5%, Nasdaq up 0.7%, and the Dow gaining 0.5%. This marked a strong weekly performance, particularly for the Nasdaq which gained over 5%. The increase in stock values comes as Wall Street adapts to rising expectations of a larger interest rate cut by the Federal Reserve, now estimated at a 49% chance of a 50 basis point move next week. This shift in expectations has been influenced by recent remarks from notable financial figures and reports indicating uncertainty around the Fed's decisions.