On September 23, 2024, global stock indices, including US markets, posted gains following comments from Federal Reserve policymakers supporting last week’s 50 basis point rate cut. This move was aimed at stabilizing the US economy amidst fears of a potential slowdown.
Key Market Indicators
- Dow Jones rose by 61.29 points to close at 42,124.65.
- S&P 500 gained 16.02 points to close at 5,718.57.
- Nasdaq Composite added 25.95 points, ending the day at 17,974.27.
Euro Falls
While US stocks rallied, the euro dropped against the dollar by 0.45%, largely due to disappointing economic data from the Eurozone. Business activity in the Eurozone slowed, especially in the services and manufacturing sectors, leading to concerns about economic recovery in the region.
Market Outlook
- Investors are closely watching the US Federal Reserve’s next steps, with the US rate futures market pricing in a 54% chance of a 25-basis point cut in the November meeting.
- On the data front, durable goods orders and the PCE inflation index are due later this week, which could provide further insight into inflation trends and potential Fed actions.
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Disclaimer
The content is for informational purposes only and does not constitute financial advice. Please consult a professional advisor before making investment decisions.