Most US stocks are falling as traders scale back their expectations for how much relief the Federal Reserve will deliver next week when it begins cutting interest rates.
Seven out of every 10 stocks were sinking within the S&P 500, but the index was nevertheless 0.4 per cent higher in afternoon trading after erasing a sharp slide from earlier in the morning. The gain was due almost entirely to the performance of just one highly influential stock: Nvidia.The Dow Jones was down 15 points, or 0.04 per cent, after erasing almost all of an earlier drop of 743 points. The Nasdaq composite, meanwhile, was up 1.
This time, the Fed at least has already indicated it’s about to begin lowering interest rates as it shifts from fighting high inflation toward protecting the job market and keeping the economy out of a recession. With inflation down from its peak of 9.1 per cent two summers ago, the Fed is hoping to ease the brakes off the already slowing economy.
Elsewhere on Wall Street, Trump Media & Technology Group sank 11.3 per cent to worsen its rough run since March. The company behind former President Donald Trump’s Truth Social platform has often risen and fallen with expectations for Trump’s re-election chances, and he’s coming off a debate with Vice President Kamala Harris.
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