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The day after the Federal Reserve meeting is marked by a rebound on Wall Street, with all major stock indices in the green, buoyed by strong corporate earnings and the market’s continued dovish expectations regarding the Federal Reserve’s interest rate cuts.
Speculators seem poised to challenge Fed Chair Jerome Powell, who stated that a cut in March is unlikely and that more confidence is needed to assert that inflation is heading toward the Fed’s 2% target.
The odds for the March meeting, according to fed futures prices, assign a 41% chance for a cut and a 59% chance for no change. Yet speculators are increasing their bets from May onward, factoring in six rate cuts on a meeting-by-meeting basis until December 2024.
On the data front, initial jobless claims increased for the second consecutive week, reaching their highest level in two months as labor costs decelerated and the number of job cuts surged. Survey data on manufacturing activity showed better-than-expected conditions in January.
Here is how major markets traded during the day:
Index | Price | % Change |
---|---|---|
S&P 500 | 4,885.51 | 0.8% |
Nasdaq 100 | 17,277.46 | 0.8% |
Russell 2000 | 1,960.18 | 0.7% |
Dow Jones | 38,396.40 | 0.6% |
The SPDR S&P 500 ETF Trust (NYSE:SPY) was 0.9% higher to $487.46, the SPDR Dow Jones Industrial Average (NYSE:DIA) rose 0.7% to $384.24 and the tech-heavy Invesco QQQ Trust (NASDAQ:QQQ) rose 0.9% to $420.71, according to Benzinga Pro data.
Sector-wise, the Consumer Staples SPDR Select Sector Fund (NYSE:XLP) outperformed, up 1.7%, followed by the Materials SPDR Select Sector Fund (NYSE:XLB), up 1.5%.
Notable laggards were the Energy SPDR Select Sector Fund (NYSE:XLB), down 0.6%, and the Financials SPDR Select Sector Fund (NYSE:XLB) flat for the day.
On the industry front, gold miners rallied, with the VanEck Gold Miners ETF (NYSE:GDX) gaining 3.3%. On the flip side, the SPDR S&P Regional Banking ETF fell 2.5%, trimming heavier losses during the session.
Read now: Goldman Sachs Pushes Back Fed Rate Cut Timeline After Powell’s ‘Strong Signal’
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