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Powell said it's time to cut: Will the market go wild?
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Fed Ready to Cut, Market Booms, but Data Will Show When | Moovin Stonks

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Kevin Travers joined discussion · Aug 23 22:42
Fed Ready to Cut, Market Booms, but Data Will Show When | Moovin Stonks
Good morning, traders. Happy Friday, and what a Friday it is! Federal Reserve President Jerome Powell said everything short of 'we are cutting rates in September' at the Jackson Hole, WY Economic Symposium this morning. The market reacted positively, with indexes climbing right up to the shoulder of record highs.
My name is Kevin Travers; here are stories about the U.S. stock market today.
$NVIDIA (NVDA.US)$  climbed 4%, the second highest on the S&P 500 behind $Tesla (TSLA.US)$  up 4% following the Fed news. Other climbers were $Enphase Energy (ENPH.US)$, and $Caesars Entertainment (CZR.US)$, each BLoomberg Radio called leveraged and debt-heavy firms. Solar stocks, also debt-heavy, climbed across the board.
$Intel (INTC.US)$  climbed back 3.9% after falling a similar amount Thursday. $CAVA Group (CAVA.US)$  climbed 15% after surprisingly strong results for the quarter.
$Intuit (INTU.US)$ fell 6% after reporting earnings Thursday night, where the firm beat estimates, but the QuickBooks owner missed expectations for projected revenue growth in the coming first quarter. It was the lowest decliner on the S&P 500.
$Workday (WDAY.US)$'s earnings Thursday in contrast, beat revenue and eps estimates and posted a subscription outlook that beat expectations. The stock climbed 10%.
Within industries tracked by moomoo, Semiconductor equipment was lower following the Intels drop.
Every sector on the S&P 500 was in the green Friday after the Fed news.
Fed Ready to Cut, Market Booms, but Data Will Show When | Moovin Stonks
$Crude Oil Futures(JAN5) (CLmain.US)$ climbed 2%, $Bitcoin (BTC.CC)$ climbed to $61k, Gold and silver climbed,       $U.S. 2-Year Treasury Notes Yield (US2Y.BD)$ and the       $U.S. 10-Year Treasury Notes Yield (US10Y.BD)$ both fell below 4%.
The market climbed within all-time highs shortly after Powell hit the podium Friday, and embargoed news reports said the Federal Reserve was ready to cut rates. Powell did not specify the timeline of these rate cuts, but he said he was confident the economy was on the way to 2% inflation.
Fed Ready to Cut, Market Booms, but Data Will Show When | Moovin Stonks
"The time has come to adjust, and the direction is clear," Powell said.
Just past 10:17 am ET the     $S&P 500 Index (.SPX.US)$ traded +0.90%, the       $Dow Jones Industrial Average (.DJI.US)$ climbed 0.82%, and the     $Nasdaq Composite Index (.IXIC.US)$ climbed 1.36%.
Though Fed Powell's speech did not highlight the timeline for rate cuts, Wednesday FOMC meeting minutes from July paint a short time frame. Members reportedly were ready to cut rates in September if everything stayed the same; some even wanted to cut rates then.
Thursday, U.S. Initial Jobless claims showed that about 232k Americans were newly unemployed, around the forecast and the year average of 220k. Existing home sales came in at 3.95M for July, right around last month's 3.9M. S&P PMI came in slightly higher at 55.2 on Thursday.
Investors are digesting comments made during the Democratic National Committee. Wednesday night, Tim Walz accepted his VP nomination. So far, the Harris campaign has made public their plans to combat price gouging, subsidize housing, and raise the corporate tax rate 7% to 28%. President Barack Obama and Joe Biden made an appearance this week.
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Yesterday, users were talking about the FED and upcoming $NVIDIA (NVDA.US)$ earnings.
Traders, what do you think, is the market in 2024 about following the herd? What you watching on the stock market today? What is the herd following? Let me know in the comments below!
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