Traders were active on the New York Stock Exchange floor during morning trading on Sept. 23, 2024, following a significant session where the S&P 500 and Dow Jones Industrial Average both closed at new record highs. U.S. stock futures showed little change on Tuesday, with Dow futures up 61 points, or 0.1%, and both S&P 500 and Nasdaq-100 futures advancing 0.2%.
The positive momentum came after the Federal Reserve’s decision to cut interest rates by half a percentage point, placing the fed funds rate in a range of 4.75% to 5%. This rate cut has bolstered rate-sensitive sectors like utilities and financials. According to Paul Hickey, co-founder of Bespoke Investment Group, the market has seen a shift from megacap stocks to a broader market rally.
Despite the enthusiasm from traders over the Fed’s decision, heightened market volatility is anticipated in the coming weeks. Quincy Krosby, chief global strategist for LPL Financial, warned that the market will react sensitively to economic data, especially if indicators suggest a quicker than expected economic slowdown.
Traders are also preparing for fresh economic data releases on Tuesday, which include the Conference Board’s consumer confidence reading for September and the Richmond Fed manufacturing index for the month. With four sectors in the S&P 500 outperforming the market this year, compared to just two in July, the subtle shifts underneath the market surface continue to draw attention.
Original Story https://www.cnbc.com/2024/09/23/stock-market-today-live-updates.html
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