S&P 500 Flat as Powell Offers No Dec. Rate Cut Pledge

On October 29th, the Fed announced a quarter-point interest rate cut, as expected, but Powell's comments dashed hopes for another cut before year-end, dropping the probability from 90% to 71%. The Fed also started limited Treasury security purchases. Nvidia hit a $5 trillion market value milestone, driving the Nasdaq up, while the Dow fell. Investors await quarterly earnings from Meta, Microsoft, and Alphabet, with 85% of S&P 500 companies beating expectations so far. The Daily News Now! - Every city. Every story. AI Powered. Hosted on Acast. See acast.com/privacy for more information.